Rick Santelli Makes The Zero Hedge Rant List – Again

August 13, 2010

in Economy

This time Rick Santelli points out the lunacy of trying to artificially sustain a bubble that has burst – the housing market.

Check it out and then see an excerpt from an article on Zero Hedge…

And by the way, Rick, whatever you do, don’t, don’t read the following article by Bloomberg: “Manhattan Luxury Condos Try FHA Backing in Sales `Game Changer‘” in which we read that “The Federal Housing Administration agreed in March to insure mortgages for apartments at the 98-unit Gramercy Park development, known as Tempo. That enables buyers to make a down payment of as little as 3.5 percent in a building where apartments range from $820,000 to $3 million.” Yes, ladies and gentlemen, the FHA is now insuring purchases of ultra luxury appartment by the ultra rich, affording what is essentially a no money down “NINJA/subprime-like” creep up into the most expensive properties in the world, entirely on the backs of the US middle class. If that “uber-wealthy” don’t blow up the FHA, and the $7 trillion in GSE debt, nothing will.

From ZeroHedge.com

Previous post:

Next post: