Here’s a good sign the housing market isn’t coming back anytime soon.
The real irony here is that the banks shot themselves in the foot with this one. If they hadn’t pushed through the Bankruptcy Bill in 2005 — which made it harder to delcare bankruptcy and walk away from credit cards — home owners wouldn’t have shifted all their debt into their houses, resulting in so much negative equity.
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Now Playing: Episode 356
The Republican Convention, Fannie and Freddie go bust, and finally, our international news roundup.
Links Mentioned: Europeans try to placate the Russians … details on the bail-out … a brief history of Fannie and Freddie … Mark Schmitt on Obama’s high-risk, high-reward strategy … Biden tears it up on the trail.
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