The Week
A lot of things happened this week. The Republican National Convention came and went. Sarah Palin became the most searched girl on the Internet. The U.S. Open moved into it’s second week. And the NFL officially kicked off with the New York Giants defeating the Washington Redskins 16 to 7. But this week’s 365 Award goes to the mortgage giants Fannie Mae and Freddie Mac which officially collapsed on Friday.
The mortgage meltdown reminds me of a trainer that I once had. I used to workout with him twice a week, and after a couple of sessions he told me that I should really start to smoke pot after my workouts because it will help relax my muscles. When I told him that I didn’t know where to get pot, I learned that in addition to being a trainer, he was also a dealer.
About six months after I started with him, he quit training and became a mortgage broker. Since then my impression of all mortgage brokers is that they’re unqualified former drug dealers.
Which is why I wasn’t surprised that Fannie Mae and Freddie Mac the nation’s largest mortgage companies that control over 6 trillion in outstanding home mortgage debt collapsed from the weight of billions worth of bad mortgages.
After all if drug dealers are willing to sell to anyone then they’re also willing to give mortgages to anyone.
