Posted on 11/03/2009 4:39:01 AM PST by Daisyjane69
The Federal Housing Administration will be the next financial disaster to fall on the shoulders of American taxpayers. Created in 1934 to help low income and first time buyers get housing loans, the agency was designed to guarantee a relatively small percentage of mortgages, for instance, two percent in 2005. Since its inception, FHA’s budget and operational infrastructure have followed this low-ratio model, and have been designed to absorb losses without having to ask for money or help from the Federal Government. However, the GAO is now projecting taxpayer funded subsidies for the FHA of half a billion dollars over the next three years, if no changes are made to the agency’s program.
(Excerpt) Read more at examiner.com ...
BOHICA indeed.
And what is INFURIATING is that the leftists (Bawney’s Fwank and his boys and girls club) NEVER CHANGED THEIR MORTGAGE-LENDING PRACTICES AFTER THE SUBPRIME BLOWUP LAST YEAR.
They simply changed operations from Fannie and Freddie to FHA.
THE GOVERNMENT IS DOING THIS AS A BACKDOOR APPROACH TO PURCHASING RESIDENTIAL REAL ESTATE AT ROCK-BOTTOM PRICES.
Fannie and Freddie already own over half the mortgages in this country.
WAKE UP AMERICA, WE ARE BEING TAKEN OVER BY GLOBAL SOCIALISTS/OLD-STYLE COMMUNISTS. WAKE UP EVERYONE YOU KNOW.
They don’t care because they are transferring wealth from the middle class, which they despise, to the favored minorities, who they wish to keep enslaved and dependent on the government and, therefore, beholden to them and keep them in power.
BTW, would Odysseas Papadimitriou be just about the most Greek name you ever saw?
You’re right, a totally colorful name!
FHA is already siphoning off the stimulus package. My husband was auditing an elderly housing complex when he found the gov wanted a report for the money sent to them through the stimulus. The complex never received any money. It went to FHA first, the burden of a report was passed on to another entity, and ended up at the complex. No one knows where the money went. Now, the complex has to come up with a bogus report to get it all sorted out. Apparently, FHA used the money to pay off old debts, but the complex has to make out a report about how the money was used by them.
I had to read your post twice in order to “get it.”
Oh my. We’re in a world of hurt.
I’ll bet that a lot of that money is now vacationing in some ‘offshore’ tropical paradise bank...such as in the Cayman Is.
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