“The Fed’s goal is not to relieve debt-serfdom, it’s to enforce it. The entire purpose of the Fed’s policies is to ensure homeowners keep paying interest to banks for the rest of the lives, and to encourage those who are not yet debt-serfs to join the serfdom with a “cheap” mortgage.  How did that work out so far? 31% of all homeowners are under water, owing more than their house is worth.  1 out of 6 FHA insured loans is now delinquent. Yup, defaults are rising and the taxpayers will be bailing out the banks once again to the tune of tens of billions of dollars.”

http://charleshughsmith.blogspot.com/2012/09/housing-diminishing-returns-and.html

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