Please let this be the final word on ridiculous Zero Hedge monetization conspiracy theories — Accrued Interest
Ryan Lizza’s New Yorker profile of Larry Summers was very good, but in many ways it’s the accompanying photograph, by Martin Schoeller, which is even more intriguing: it shows the key members of Barack Obama’s economic team striding purposefully away from the White House, with intense lighting from both front and back. There’s a certain Reservoir Dogs feeling to it, with Christy Romer playing the Chris Penn odd-man-out role.
Whitney Tilson passes on this chart, showing delinquencies at the FHA. He notes that the FHA is a crucial source of support for the housing market right now, providing a whopping 23% of all mortgages. If you have a subprime credit rating of 600, you only need to put 3.5% down to get an FHA loan; even if you have a positively wrecked credit rating of 500, you can still get a mortgage with only a 10% downpayment. And the people brokering a lot of these loans are often the selfsame shady characters who represented the worst face of the subprime bubble.