I wonder what is going to happen when it becomes obvious that the industry is applying a bifurcated rate system with the help of the government. One set of rates for people who can get a welfare rate(to protect the lending system) and another of higher rates, later down the road, for people who behaved responsibly and were not overly leveraged at the time the welfare rates were being given out. So the second group waits for the housing market to fall like it should but pay as much monthly as the welfare cases anyway because of higher rates with no guaranty of when they will come down again. Nice. Unfortuantely I think the group that would be most enfuriated by this is small and resembles many piggs. The rest of us are to some degree conned by the potential benefits or perhaps have the means and can see how to exploit them.
