Doing away with Fannie and Freddie; Doing away with Middle Class home ownership.

Beware of what you wish for. Even President Obama has proposed slowly ending Fannie Mae and Freddie Mac, the biggest government backed underwriters of home mortgages.

But the private sector lenders don't like the current system. And if they're on the hook with mortgage lending, then things are going to change. In anticipation, just under the 3.99%, the example below is off the charts horrific. The typical 30 year mortgage is a money loser in the later years for lenders, so look at what they've done to change that. I think were going to have a problem with "consumer uncertainty."

Forget about the "free" offer, think about the uncertainty of not knowing just how big your mortgage is going to be after the fixed rate ends after five years.  An adjustable rate could add hundreds to your monthly payment...maybe not. Who would think this is a good deal?

This is insane, and only the beginning of the end to the "middle class" ownership society. Maybe someday, we'll all be renting houses our land "lords." Wait a minute, isn't that why we escaped England and came to this continent?