Today the Journal finally realized that the FHA is being used to replace bank subprime lenders. The FHA will go the way of Fannie and Freddie.
That much of their reporting is ok. But then they write “In a rational world, Congress and the White House would tighten FHA underwriting standards…”
In a rational world, the Journal’s editorial writers would wake up to the inherent corruption of government. In a rational world, they’d abandon their conservatism. In a rational world, they’d call for an end to all government interference in mortgage markets. For starters.
