"We now have socialized housing. If you disagree, just imagine the consequences if government intervention were withdrawn. Real estate markets would collapse immediately. The government is the market. There is no exit strategy.
"In fact, I doubt that policy makers even understand the problem."
If Uncle were not backing new mortgages, there would be none. To say this is an unhealthy market is very euphemistic. The abandonment of MERS tells us taht the mess in housing is much worse than most analysts thought. There will shortly be a drastic need for people who can go through paperwork and see if it is all straight, or not. If you're out of work and actually trying to find a job, you might bone up on mortgage laws in your state. If your house was in foreclosure, you just may have another +1 year of living there with no mortgage payments.
This is a huge mess. It happened mostly on Obama's watch, but he's guaranteed to be an innocent party. Feel free to blame him, but he couldn't have orchestrated this cluster[deleted] if he had tried.
Read the whole thing. It's long. What, you have something better to do?
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