And since we now live in a land of endless home-payment subsidies, here is how Fannie Mae is responding to this once in a lifetime perfect storm, courtesy of its homepath.com program, which is now requiring just 3% down for a home purchase (worse than pretty much anything during the housing bubble), and according to some interpretations, requiring essentially no money down after one factors the various consumer-level government stimulus payments. That this will all end in another real estate bloodbath is the clearest writing on the wall ever.
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