Housing Crisis

I'm not really sure what the whole deal is with all this talk about the "housing crisis."  I usually just breeze past those articles in search of something more interesting.  But now I'm finally getting caught up on what's going on.

So, here's the skinny of it all.  Apparently something like 98% of all houses are now in foreclosure.  If your house isn't currently in foreclosure, it soon will be.  And it's also possible that your house is now in foreclosure, but you just haven't received the letter from your bank yet.

Also, apparently in the last five years or so, everyone who got a mortgage, got a sub-prime mortgage.  Everyone that is, except us.  We were suckers who couldn't talk the bank into giving us a mortgage below the prime lending rate.  Turns out we weren't the suckers at all, because sub-prime is actually Latin for "bait and switch."  So while all of you people with your fancy little sub-prime mortgages (which, according to the news, is most of you) are about to have your homes go into foreclosure, we're going to be sitting pretty on our front porch, sipping our lemonade.  

But fear not, because the government is now going to come in and pay your mortgage for you.  Isn't that awesome!?  And the best part is, that it won't cost you anything.  They're just going to make the rich pay more taxes.  I love the way our system works.