All of this stuff makes me sick.  I may have more comments on this but for now, Calculated Risk has a good summary and links.

As an investor, I like the note about making 2nd mortgages go away because then it makes it even easier to short the second mortgage.  The problem is, this is all being backed by the U.S. taxpayer and future taxpayers.

Does anyone else think this is ridiculous?  I’m sure the National Association of Realtors will be excited about this new spread the wealth program.