In case you hadn't noticed, the Republican Party didn't even need that much rope to hang themselves by. (I figured it would take longer than a year.. but what do I know?)

So says Blumenthal!

Did you know that, if the price of a house dropped 25%, the
interest rate on a 30 year fixed-rate mortgage would have to go from
6% to 9%? If the price of a house dropped 18%, the rate would only
need to go to 8%.

Mainly, IF housing prices in a certain area dump to where they are 18%
less (i.e. $1 million house goes to $820 thousand house), it won't
make any difference to a buyer if the 30 year fixed-rate interest rate
ends up at 8% (assuming it is at 6%.. most say it is at 5.5%).
Because, over the course of the mortgage.. you would pay the same
amount of money every month.

Did you know that in the '80s interest rates on 30-year fixed-rate
mortgages were above 10% and as high as 16%? That is INSANE! Did you
know that having an interest rate of only 5.5% will DOUBLE the cost of
your home? WOW!