Has The Federal Government Gone Subprime?

Uncle Sam sure has a lot of explaining to do.

He's spent years pumping untold billions into the housing market, only to see home prices and sales sink again.

Now he's getting hit by critics on the right and now the left, who contend our wayward uncle, in his desperation to keep the real estate market from collapsing completely, has made the ultimate down market move.

He's gone subprime, according to a growing number of critics on both sides of the political spectrum, replacing the high-cost mortgage dealers of old on the neighborhood stoop.

My guess is that readers of this blog are more familiar with the right's critique of the federal government's takeover of the mortgage market. In order to keep the mortgage market alive, Fannie Mae, Freddie Mac and the FHA let through a lot of questionable borrowers over the past two years, only to reap a whirlwind of bad loans.

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