Taxpayers, go F yourself, basically.

SleeperScamp said
I agree that yes we do need to fix Fannie And Freddie.... But I really think this whole problem started as soon as the gas prices started going up..... I think these folks that are overextended on their mortgages could probably be OK if that didn't have to put that little extra money in their tank, groceries,goods etc...

This is a real serious and scary situation !!!!!
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Not really, this problem has been brewing for years. McCain co-sponsored a bill 3 years ago that could have headed this off but the democrats blocked it. Bush was warned about it as soon as he took office but his attempts to reform the oversight were blocked by the democrats too.