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Wow..thank God for the Fed...what would we do without the government? The Market has done a pretty good job of eliminating subprime stated loans over the past year before this decree from on high.
Wow... that's nice of the FED, doing away with stated sub-prime loans when few sub-prime programs even exist. Another case of the government being a few steps behind and taking action to justify their job.
Even if there were programs still left, I do not think its the best policy for the government to be telling lenders what they can do with their money and borrowers what they should buy. If this is the case, why are credit cards allowed at all? Just make people buy everything in cash.... after all, isn't 15-25% interest rate on these with $0 regard to assets or ability to repay WORSE than mortgage loans?
The government should make sure conumsers are treated fairly, receive full disclosure and are protected from fraud and usury. But if a consumer accepts loan terms with full knowledge of risks/rewards and a lender is willing to lend it.... its a free market. No one gets to complain for a bail out later if the loan goes bad either.
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