I penned this six years ago.
Has anything really changed.....?
The trap has sprung. The Fed keeps lowering the lending rate.
Has it signed a death sentence for the economy?
For cash-strapped homeowners, their worst nightmare is about to happen.
They're going to refinance their mortgages at bargain rates again, thanks to the Fed's beneficence, and think that they can cut their payments in half.
Low documentation and low downpayment scams are going to resurface their ugly heads for new borrowers.
Those who take the bait are in for a nasty surprise.
While many Americans have started to worry about falling home prices, borrowers who jumped into so-called option and hybrid ARM loans have another, more urgent problem: payments are about to skyrocket.
The pain will be borne by ordinary people, not the lenders, brokers, or financiers who created the problem.
The frequent Fed discount, and new borrowing frenzy, might be the coup de grace to America's economy.
"You have sum splainin' to do, Mr. Bernanke !"
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