Fannie Mae / Freddie Mac

Firstly, there should NEVER be a mortgage guarantee company called "Fannie Mae" because that just sounds like some kind of sexual promise.

As if that isn't deceptive enough, check out the latest news regarding Fannie Mae and Freddie Mac mortgages.

In a nutshell, borrowers of these kinds of mortgages are going to be socked with extra fees (starting at $250 per $100k loaned, and dependent on your credit score) to compensate FM & FM for the "risks inherent in lending money in an era when house prices are declining".

So, in addition to charging, often, exorbitant interest rates for their loans, the FMs are now clobbering new mortgagees with fees to cover their poor prime and sub-prime lending in the last couple of years.

Whilst I admit individuals should be held responsible for their own actions and not borrow more than they can afford to repay, the mortgage companies should also be regarded equally culpable for lending money to risky propositions in the first place. Socking new borrowers to somehow pay for existing borrowers - and all to shore up the bottom line - is a truly appalling business model. At least Dick Turpin wore a fucking mask.

Of course, the biggest shit-gripper in all of this is that there, plainly, NEEDS to be FAR more regulation in the financial/lending industry here in the USA. Similar to that of Europe and most other civilised nations. Predatory lending will always happen IF it's allowed to happen.