Terminate Freddie and Fannie, repeal the Community Reinvestment Act that started it all (in 1977), eliminate Affirmative Action mortgages, and let the bad-debt holders go under. The Libertarian view on the credit crisis. It isn’t likely to happen–too many crooks and grubbers already have their hands in the federal till–but it’s a refreshing notion.
Via Drudge Report.
MORE: While the pols bloviate, there’s still mortgage credit out there at reasonable rates if you put money down–you know, the old-school, pre-PC way.
THE TEXAS SCRIBBLER 
Would you believe it, that right now, in the midst of all the crisis and apocalyptic predictions (just read dealbreaker.com), the sub-prime mortgages continue to be issued. Not just being allowed to be issued, but demanded, per Community Reinvestment Act. In ironic juxtaposition, I have noticed a couple times the ads for these mortgages appear right alongside of the articles on the economy blogs that condemn the practice!
I hadn’t heard that, but it doesn’t surprise me. The pols who created this mess have no shame at all.