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Sunday, August 19, 2007

It's Still Your Fannie


FannieMae, federal helper agency for home buyers, sports a disaster response icon on its homepage ... It's not what you're thinking. It's Katrina-related.

Regulators reportedly have a spiffy proposal out to change the way adjustable rate mortgages are sold, including a lot of charts and graphs that say, "This is a smashed watermelon. This is you with a 14% interest rate on your mortgage. Any questions?"

Of course, it's a bit late ... new ARMs have been falling as a percentage:


Anyway, Fannie is adding a voice, outlining predatory lending practices, etc.