More Extend and Pretend: HUD Offers $1 Billion of Subprime Teaser Loans

Another must read post by Yves Smith over at Naked Capitalism.  Yves examines the Administration’s offer of $1 billion in zero-interest loans to help homeowners.  One choice excerpt from her post: How is this supposed to help borrowers? Seriously. This is the government equivalent of a subprime teaser loan. But this is even worse. First, teaser borrowers paid at least a …