Who does the IMF think we are? Greece? Ireland? Portugal? Apparently so.

The International Monetary Fund is now rendering judgment on various U.S. housing policies and reform proposals. Here’s the sad part: They’re largely right. The federal government is now on the hook for lord knows how many billions trillions of dollars in federally backed home loans. None of it is counted on government ledger books.

File under: So it’s come to this.