This is a warning. I’m not kidding.
I heard something yesterday that blew me away.
I can’t further corroborate it, but I trust the source.
My friends know I like to target shoot. I don’t hunt, because I can’t kill anything living, but I like guns. Maybe it has something to do with wanting to be James Bond when I was a kid… OK, I still want to be 007.
As other target shooters know, it’s gotten harder and harder to get ammunition.
Fo a few years now, all kinds of stuff have been going around on the Internet about why ammunition is hard to get. I’ve read a bunch of things, and friends send me links to articles all the time.
But a friend I trust just shared some news that shocked me. I want you to hear this news, too.
It’s yet another prime example of “The strong get more while the weak ones slave.” Private equity shops and institutional players are buying and packaging (securitizing) nonperforming mortgages and selling those mortgages to mutual funds and themselves.
On the surface, the U.S. Department of Housing and Urban Development (HUD) wants to minimize the cost to taxpayers. After all, we have to cover the insurance guarantees the Federal Housing Administration (FHA) made on loans it backed but are now nonperforming or in foreclosure.
That’s really nice of HUD and the FHA, thinking about us taxpayers. Maybe they should have thought about us when they agreed to guarantee payment on loans to less-than-prime borrowers who only have to put down 3% to get their loans.
But, whatever, they’re from the government…