[quote=DaCounselor]No, this never was rhetoric – it has been in the works for many months. Uncle Sam is going to buy at least $500 billion of securitized loans (I believe they will ultimately buy more) and as the owner they can do whatever they want to the terms. I will give you one guess what that means.[/quote]

DaC is, sadly, right. (BTW, DaC, you really do know your stuff. What legal line of work do you specialize in that keeps you so well informed?)

Unfortunately, responsible people joining the ranks of irresponsible buyers now is a low-yield proposition. It was a game that paid off hugely when prices were going up. Piggingtons outraged by what is happening should save their powder for maybe 5 years from now, when the market is going back up again from a more attractive low point. Then buy a house every year using none of your own money, and sell the most appreciated house every year, after holding for 1-3 years. That way you have an excellent chance of keeping some good winnings, and risk nothing.