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Hindsight is a wonderful thing- particularly with the help of the internet. We can more easily review past advice, and see how well the crystal balls and tarot cards of housing analysts were working.
A review of some of last summer’s articles showed an interesting theme from the "See-no-Hear-no-Speak-no" bubble folks- the theory that the bubble was protected by low interest rates.
So the twins of the mortgage world, Fannie Mae and Freddie Mac haven’t been well-behaved. They haven’t done well in their math classes- (arithmetic problems, you know) and they’ve gotten rather overweight.  Americans don’t need to worry though- Uncle Sam has promised to bail out his niece and nephew if they get in too much trouble, right?
Actually, he hasn’t, and the implications for Americans in a deflating housing market are serious. John McLeod, whose thoughtful and enlightening comments have been enjoyed by Housingdoom readers, has graciously agreed to do a series of posts on the subject for us. A little background on John:
