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NEWS AND VIEWS THAT IMPACT LIMITED CONSTITUTIONAL GOVERNMENT

"There is danger from all men. The only maxim of a free government ought to be to trust no man living with
power to endanger the public liberty." - - - - John Adams

Wednesday, March 28, 2012

Billions in Housing Bailouts



Taxpayers Bend Over  -  Billions in bailouts for the Federal Housing Administration

  • FHA loans going bad may require a huge bailout in 2012.
  • Comrade Obama wants to bailout 3,400,000 homeowners with your tax money.
  • Obama:  "If you pay your bills on time you are a fool."  


Massive losses for the Federal Housing Administration increases the chance it will need a taxpayer bailout, based on an updated forecast from Moody’s Analytics.
                                                    .
Comrade Obama wants to tax the producers in our economy and then re-distribute that "extra" wealth to those who made bad business decisions in housing, credit, insurance or banking. 
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The U.S. government mortgage-insurer, which guarantees $1.1 trillion in home loans, had been counting on “robust growth” in home prices to help rebuild its insurance fund after paying out $37 billion to cover defaults the past three years, according to its annual report to Congress says Bloomberg News
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“The FHA’s economic projections are surreal,” said Andrew Caplin, a New York University economics professor who has testified to Congress on the agency’s finances. “They must believe there will be very few readers in Congress able to critically review such a complex report.”


VIDEO  -  The Free Market solution to the housing problem





“They can’t even track their data correctly,” Caplin said in an interview. “Not knowing how to measure the performance of your borrowers is tragic and profoundly wrong.”
                                                .
The White House submitted a budget plan to Congress this year that would have provided the FHA as much as $688 million from the U.S. Treasury, the first bailout in the agency’s 78- year history.
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Comrade Obama said Feb. 1 he wants to reduce rates on FHA refinancings for about 3.4 million eligible FHA homeowners.  Let's just borrow and print phony monopoly to bail out every possible voter group.  

(Bloomberg News)








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