Thursday, December 31, 2009

Lightning Round -- 123109

This year is almost gone. Good riddance.

  • If you read one thing today, make sure it's this piece from Peter Wallison in the Wall Street Journal. If you thought the housing bubble was a bad thing, consider this money quote: New research by Edward Pinto, a former chief credit officer for Fannie Mae and a housing expert, has found that from the time Fannie and Freddie began buying risky loans as early as 1993, they routinely misrepresented the mortgages they were acquiring, reporting them as prime when they had characteristics that made them clearly subprime or Alt-A. Alt-A loans, just so you know, are loans that lack sufficient documentation to use standard underwriting or have a very low down payment, or both. They are usually the leading candidates to default. There's a lot of them still out there. And we're on the hook for a lot of money, kids.
  • The new meme we're seeing is that President Obama is being held to much greater scrutiny than his predecessor Chimpy McHitlerburton over homeland security issues. And it's not fair, doncha know. Funny, I thought Barack Obama wanted this job.
  • Rush Limbaugh is in the hospital in Hawaii after suffering chest pains yesterday. As you can see from the comment section of the article, he has the well wishes of America. Well, at least some of America.


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