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August 23, 2008
Super Loans Last All Summer Long
I'm inordinately fond of this typo in a WashPost article today on the deepening crisis [ed., I hate when you write "deepening" crisis: It's not a Beijing lap pool.] at mortgage companies Fannie Mae and Freddie Mac. I really hope that editors there never, ever change it.
Freddie Mac, for instance, no longer finances no-money-down mortgages, nor does it continue to buy or guarantee mortgages given to people who have failed to document their finances. Fannie Mae has withdrawn from the market for all-day loans, which are considered risky because they require less documentation than traditional prime loans. [Emphasis added]
Confusing "Alt-A" with "all-day" loans is not just stupid, of course; it is also a classic mondegreen. It is like thinking Robert Palmer is saying in his song Addicted to Love that "You might as well face it/You're a dick with a glove", but admittedly only 80% as funny.
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