F&F mismanaged, misused, & misunderstood. Seeking Alpha article is way off in it';s assessment of what would makemF&F right. Here are mine.
I'm a real estate agent. I warned people that building mini mansions and refinancing with 3-5 year adjustable mortgages would hurt them. I stopped doing loans that used 3-5 year windows because I knew that the whole housing market was top heavy with these 3-5 year adjustable loans. Every body knew it but no one stopped it. The guardians of the public trust did not do anything to curb the appetite for CEO pretenders. Teachers with average incomes were buying into the upper class by buying mini mansions 3,000 to 5,000 sq ft homes with 1 percent loans. Gardeners and other labor related to the housing industry were buying 2,000 - 3,000 sqft
homes that they would have to give back in 3-5years. Greed, avarice, you can't legislate against that. F&F need to be run responsibly and the government and greedy capitalist of which I am one need to act responsibly, but that will never happen. This is why I believe F&F will survive. A little bit of protesting will give the Govt a reason to keep their cash cow intact. My opinion.