Rick Santelli tells it like it is. Again.
The problem he points to is that a further collapse of the housing in dustry is inevitable as long as the Fed continues to meddle.
It is an axiom of economics that the longer you interfere and distort a market the harsher the ultimate inevitable correction becomes.
The interest rate on the mortgage is irrelevant if there is no equity left to lend against..even for well qualified borrowers with a job and an income.