What?! The 67-Cent Down Payment Mortgage

(By Ed Morrissey, Hot Air) - The financial collapse occurred because housing lenders wrote paper to people who couldn’t afford the houses they bought, often getting a no-down arrangement, while lenders sold the paper to Fannie Mae and Freddie Mac, which securitized them and spread the bubble throughout the financial markets in order to provide even more capital for even more bad loans. After nearly watching the Western world’s financial structure melt down, one would hope that we would have learned a lesson from the catastrophe. Apparently not, as CNBC’s Diana Olick reports...