Couple buys home with 67 cents in collateral

   Where can I sign up? Well, if you live in Idaho, Massachusetts, Minnesota, or Wisconsin, you too can take advantage of Fannie Mae's Affordable Advantage Program which is putting first time home buyers into houses. From CNBC:

"The Fannie Mae program requires a minimum credit score of 680 (720 in Massachusetts) and the buyer must live in the home. All loans are 30-year fixed. The arguments for the program are persuasive: It wasn't the no-money-down loans themselves that fueled the housing crash, it was the poor underwriting. These loans are very strictly underwritten. Adjustable rate loans were the primary drivers of default, while these loans are fixed."

   So, Fannie Mae and by extension, the American people, are still footing the bill for the Uncle Sam's master plan to get people into homes. Guess the housing crash, the recession, 10% unemployment, and the emergence of Sarah Palin as a Teaparty mover and shaker weren't enough to make Uncle Sam cry "uncle."