Look: If the government is already underwriting 97% of the mortgages, then why do we need a middleman? As Bloomberg points out: "Only 0.11 percent of loans guaranteed by Fannie Mae in 2011 were more than 90 days delinquent as of June 30," which means that government officials are a lot better at recognizing a "good mortgage" then our creepy friends at the banks whose subprime mortgages defaulted at rates of 30% or more.
That proves that the banks are either very bad at what they do or very crooked. Which is it?
We need a plan for euthanizing the TBTF banks and putting them out of their misery. Heck, we'd be doing them a favor.
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