So, as best I can tell, the US Government (not the Federal Reserve) just bought up all the bad mortgages in the United States.
There is a 70% chance that Democrats will control the White House and both houses of Congress in January 2009.
There is very little chance that the Democrats will allow the Federal Government to foreclose on those bad mortgages and kick voters out of their homes.
Therefore, my investment advice right now is to default on your mortgage. Just stop paying it. Open an E*Trade account and put the money you would use for your mortgage into Euros, or Pounds Sterling. There will be no negative consequences against you. Democrats won’t make 5 million families homeless. Moral Hazard? What’s that?