As reported on Volokh: funny letter to Washington Post:
While witnessing, but not participating in, the home real estate frenzy in 2005 and 2006, I kept asking: Who is the idiot buying up all these mortgages issued on inflated home prices to all these people who have neither the capacity nor the intention to repay the loans?
Now I learn it was me.
TED THACKER Ann Arbor, Mich.
According to a comment there, “Heard on the radio today that the US government could make as much as 2.1 TRILLION dollars in profit from selling the bad loans that they will soon be buying.”
Well, if this is true–the feds ought to expand this program and buy distressed mortgages all over the globe. Just buy about $10 trillion worth, and make a cool $30 trillion profit. Debt free, baby!3:45 pm on September 25, 2008 Email Stephan Kinsella