“Hands Off My Mortga . . . Oops! Never Mind!”
As best I can tell, the tea party movement is angry about out-of-control government intrusion into people’s lives.
Apparently, they’re not aware of the following factoid:
There were $390 billion in new mortgage origination’s in the last quarter of 2009. Excluding home equity lines, Fannie Mae, Freddie Mac, the FHA, and the VA stood behind up to 95% of those mortgages.
“Anyone who looks at the numbers says, ‘My God, look what it’s come to,'” said Guy Cecala, publisher of Inside Mortgage Finance.
–“Paul Volcker Says Mortgage Market Will ‘Have to be Reconstructed”; The Huffington Post (2/19/2010)
The predicament reminds me of a scene from Annie Hall, an early Woodie Allen movie.
A woman is lamenting to a friend that her uncle thinks he’s a chicken.
“Send him to a shrink,” the friend advises.
“We can’t,” the niece replies. “We need the eggs.”
