WASHINGTON (MarketWatch) — The Federal Reserve on Tuesday proposed requiring banks to ensure borrowers can repay their mortgages before they give them a loan.
Hurry! Close the Barn Doors. The Horses Have Escaped!
By 2010, roughly 90 percent of all new mortgages issued in this country went through the U.S. government. For all intents and purposes, the $1.5 trillion U.S. mortgage market is now a government-run industry. The bail outs of Fannie and Freddie have cost US Taxpayers over $150 billion.