"Ara Hovnanian, CEO of K. Hovnanian Homes, suggested to Bloomberg TV that interest rates should be temporarily slashed to three percent on 30-year fixed-rate mortgages in 2009. The rate would then rise to four percent in 2010, though it’s unclear what would happen after that."

Surely not on new mortgages?! Please click on below to see the "hole" post at TheTruthAboutMortgage blog.

 

Isn’t this what got us into trouble at the beginning? :(

By the way, hat tip to the Implode-O-Gang for digging up the post.  I’m not sure they or the original authors realized just how egregious this marketing idea is, but Igor wasn’t fooled: "Outraged!"