Mortgage fuelled shit fan interface

Via LegIron I came across this, which if true is terrifying. If you’re not even vaguely aware of what’s going on with mortgages in the US then be prepared for a hell of a shock. The bottom line of the article is: Long story short (since this is the short version): A lot of the foreclosed properties might not have been foreclosed legally. The people evicted might still have a right to their old houses. The new buyers might not actually own the REO’s they bought off the banks. The banks could be on the hook for trillions of dollars, … Continue reading

Reposting other peoples comments…

Seen over at LegIrons a very neat explanation of how the fiscal stimulus works. I quote in it’s entirety: “It is a slow day in the small Minnesota town of Marshall, and the streets are deserted. Times are tough, everybody is in debt, and everybody is living on credit. A rich tourist visiting the area drives through town, stops at the motel, lays a $100 bill on the desk and says he wants to inspect the rooms upstairs before selecting one for the night. 1. As soon as he walks upstairs, the motel owner grabs the bill and runs next … Continue reading