ok here are my thoughts.
In the short term (1-2 years) this will help mortgage industry. In the long term this will be an albatross on our society. As my quote from TMQ says above the standards for giving out loans which have tightened over the last year or so now get thrown out the window because the government owns it. Not to mention the debt future taxpayers will need to pay.
The really bad thing about this is the precedent it sets. We've become a nation standing in line for bailouts.
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Its all about the suit
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