Where do you idiots come up with this stuff? The gov't having to open a mortgage co???? Dummy, you think if CFC and WM were suddenly removed from existence that mortgages couldn't be written and the US Gov would have to step in? There are many mortgage lenders out there and others would write the loans. Idiot.
mr. 1flyfisher, you are 1funnydude. drink much coffee? btw, many, many mortgages are not being written at this point in time. the u.s. govt is already in the mortgage business, see ginniemae.gov for more information. and, yes, the u.s. govt may expand their role and support of the home mortgage market. remember, we have an election coming up in 2008. i would, also, recommend a switch to de-caf.
You are both missing the point... yes there will always be lenders for borrowers with great credit and money for the down payment on a purchase. The bigger concern is for the borrowers without good credit or a homeowner with little or no equity that will lose their home in foreclosure.... the continued downturn in the housing market, lack of available credit to less than perfect borrowers and the demise of Countrywide and WAMU will continue to erode consumer confidence. The real RISK is the negative social mood created by the problems in housing and the mortgage industry sending our economy into a recession.
Donkee or should I say Dummy. Smoke much weed? You are overly paranoid. The U.S. Gov't s not going to take over the mortgage markets. The mortgage markets are not going to collapse. Just because it may be tough for some borrowers/Subprime (alot of them shouldn't be able to get a loan anyway) to get a loan or tightening credit is the current environment does not necessitate a mortgage collapse as you stated and fear. Now put down the pipe and Get a reality check.
They better start pumping in euros because dollars are worthless. Our currency is plunging so fast that even Supermodels won't take contracts in dollars.