The ever-didactic newly-Mrs. McArdle, taking what we all hope is only a brief break from breeding a new race of libertarian superhumans (Suderhumans?), notes a disturbing trend:

On the other end, requiring LTVs of 80-90% would have made the markets much less vulnerable to a correction.

Meanwhile, what’s actually happening? The percentage of FHA loans in the market has risen from 4% to over 20%

And we have bigger and fewer banks, and CRA is being expanded. Dear Lord.
This is really getting scary. I see no understanding among the politicial class of what actually caused the financial crisis.
The next chapter of ACORNomics seems likely to cost taxpayers trillions; sequels are, after all, always more expensive. It’s going to take a hell of a lot of underage Salvadoran prostitutes to pay for TARP II: Barney Frank’s Revenge.