That'll leave stains!

From AP:

Freddie Mac and its fellow GSE Fannie Mae are now financing more than 80 percent of all mortgages in the U.S., up from 40 percent a year ago.

I think I just soiled myself with this latest news. 90% of all mortgages are now being backed by federally sponsored programs. Yep, you heard that right...90 fing percent. 80% are Fannie and Freddie and the other 10% are FHA backed. This is an absolute recipe for disaster. How anybody could let this happen in under a year is beyond me. People were rightly concerned when 40% or less were GSA loans, but this is rediculous. They are basically the only game in town. In case you haven't looked, these aren't the most capitalized companies around. This is a disaster waiting to happen and will explode in taxpayers' hands.