Madness

From Zero Hedge:

"The Federal Housing Administration agreed in March to insure mortgages for apartments at the 98-unit Gramercy Park development, known as Tempo. That enables buyers to make a down payment of as little as 3.5 percent in a building where apartments range from $820,000 to $3 million."

Yes, this is what we need, FHA mortgages for Manhattan real estate. And check out Rick Santelli video at the end of the link. Poor fucker (and I say this with all love in the world), he's going to meet an early death. His main rant is toward the end of the video.

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