WC Varones

Don't lend your hand to raise no flag atop no ship of fools

Barney Frank, Predatory Lender

Yes, that headline sounds like a lot of headlines on the W.C. Varones Blog.

But that's not my headline; it's from the Wall Street Journal:
Recent reports that the Federal Housing Administration (FHA) will suffer default rates of more than 20% on the 2007 and 2008 loans it guaranteed has raised questions once again about the government's role in the financial crisis and its efforts to achieve social purposes by distorting the financial system.
The Wall Street Journal agrees: FHA is the new subprime. Click on over and read the whole thing.


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