Here we go again.

http://www.businessinsider.com/20-year-old-buys-home-with-183000-fha-loan-and-just-35-down-2009-10

Since the end of 2007, private mortgage resources have dried up. Private money stopped funding mortgages. In late 2008, as Fannie and Freddie collapsed (and should have been wound down), We The People started funding the mortgage market. Our children and grandchildren have guaranteed these loans, through government price support loan policies, in order to keep housing unaffordable and out of reach for the very children and grandchildren that are subsidizing this wealth transfer.

Just like every one of us knows that Social Security is a Ponzi scheme, yet we still allow the ongoing theft from the future generations because of our own selfish interests. We all know that Real Estate prices are unsustainable, but we are not willing to see our fantasy equity vanish as prices discover their natural place.

We have become too greedy and too selfish to make the hard sacrifices necessary to wash out the problems we have created.

We used to be a nation of people concerned for the future of our kids. Now it appears that it is every man for himself.

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