Skip to comments.FHA may receive $943 million taxpayer bailout
Posted on 04/19/2013 5:01:46 PM PDT by Lorianne
President Barack Obama accounted for a nearly $1 billion bailout for the Federal Housing Administration (FHA), the home-mortgage insurance agency that has been floundering for cash since last November, in his budget released Wednesday. Such a bailout would be the first for the agency in its 80-year history.
The FHA has been under financial pressure since the housing market went bust in 2008. Currently, one in six FHA insured loans is delinquent. President Obamas budget accounts for the projected amount of cash the agency will need to stay solvent.
FHA commissioner Carol Galante maintains that the agency is moving in the right direction.
(Excerpt) Read more at dailycaller.com ...
More proof that the speed with which Obama closed the White House to the public had nothing to do with money.
Hey, silly commies; see what lending money to welfare and food stamp recipients for home loans did? No? Didn’t think so.
” With wanton disregard for the economic well being of America, a decade ago the social justice entrepreneurs of the ultra-leftist Association of Community Organizations for Reform Now (ACORN) let Americans know their strategy for bringing equality of result to the housing market at all costs.
In a circa 1999 document, To Each Their Home: Success Stories from the ACORN Housing Corporation, the ACORN affiliate called the American Dream a sham and bragged about undermining banks underwriting standards.”
When threats to banks of Lawsuits for "Red-Lining" or "Racial Discrimination" forced them to loan to welfare Mom's, suddenly we wound up with a "Mortgage Crisis", and good ol' U.S. Taxpayers were left re-distributing their earnings to bail out the "guess-who's?"
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