You heard that correct. As the foreclosure tsunami picks up speed, the lender of last resort is now charging record low rates to buy yourself a new home and go into default.
Who is this lender of last resort? It is the tax payer; Fannie Mae and Freddie Mac who now provide all new loans to Americans.
The losses are socialized, then added on to the back of the Federal debt.
How high is the Federal debt these days?......