Obama Moves to worsen the housing mess

Haven't we been this route before? Didn't it lead to the bubble bursting in 2008? Did you know you can still get 100% financing, no money down, home mortgages (check out USDA--the food people--they also throw money at new mortgages). Now today we get the news that "The Obama administration on Friday announced broad new initiatives to help troubled homeowners, potentially refinancing millions of them into fresh government-backed mortgages with lower payments." Duh! 11,000,000 homeowners with property worth less than they owe, and the government continues to provide no-money down, 100% mortgage financing which is a 100% guarantee that the cycle will continue. Administration Moves to Assist Struggling Homeowners - NYTimes.com

Maybe we need a refresher on how our friendly government loan officer and enforcer got us here.