Science fiction writer Ben Bova wrote:
The most prescient — and chilling — of all the science fiction stories ever written, though, is “The Marching Morons,” by Cyril M. Kornbluth, first published in 1951. It should be required reading in every school on Earth.

The point that Kornbluth makes is simple, and scary: dumbbells have more children than geniuses. In “The Marching Morons” he carries that idea to its extreme, but logical, conclusion.

Kornbluth tells of a future world that is overrun with dummies: men and women who don’t know anything beyond their own shallow personal interests. They don’t know how their society works, or who is running it. All they care about is their personal — and immediate — gratification.

A comedy with similar reference....Watch the trailer......click me


Sunday, February 28, 2010

Ahh Shucks

Freddie Mac Announces That It Will Cease Purchases of Interest Only Mortgages 

McLean, VA – Freddie Mac (NYSE: FRE) announced today that on or about September 1, 2010, the company will cease purchasing and securitizing interest only mortgages, including Freddie Mac Initial InterestSM fixed-rate and adjustable-rate mortgages. Additional information will be provided to Freddie Mac Seller/Servicers in an upcoming Single-Family Seller/Servicer Guide bulletin.
Interest only mortgages, including Freddie Mac Initial Interest mortgages, provide for interest-only payments for a specified period of time beginning with the first monthly payment after the note date, and principal and interest payments on a fully amortizing basis for the remainder of the mortgage term.

But But But.....how can I afford a $500k home on a car wash attendants salary?
Oh sure next they will want money down and folks will have to show they got a job to buy a house.
Shootz.
They're making it difficult to be a homeowner.
At least they are gonna ban foreclosures.....that's good.

Hey didn't the so called experts tell us it was the "Subprime" loans (and that bitch Bertha) that caused the housing problem? Like those that bought homes they couldn't afford..........well why are they still writing those kinda loans?
I get a chuckle every time I hear "It's a good time to buy"......."prices have bottomed".
LOL.
Think back or lookup what real estate values were in the mid 70's to early 80's and that should give you an idea of what the bottom will look like.
Sooner or later the gov will no longer have the ability, due to budget constraints, to keep the housing market propped up. That, along with rising interests rates, will keep downward pressures on RE values over the next 2 or 3 decades.
Since our gov is the only one that is financing our homes.........and now they want to ban foreclosures........
Houston.....we got a problem.
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