President Obama’s stimulus package subsidized home loans for individuals who already owed the federal government millions in back taxes, according to a new report by federal watchdogs. The report, released Wednesday by the Government Accountability Office, found that the Federal Housing Administration, a division of the Department of Housing and …
President Obama has announced that he ordered the Federal Housing Administration (FHA) to cut in half the fee paid by homeowners whose mortgages the agency guarantees. The good news is that this reduction will save those homeowners who are able to refinance their homes about $1,000 annually. The Administration says …
Fantastic clear explanation of how federal government intervention with the market directly caused today’s financial turmoil by Peter Schiff in today’s Washington Post: Just as prices in a free market are set by supply and demand, financial and real estate markets are governed by the opposing tension between greed and …
Yesterday we noted how the housing bill’s creation of a National Housing Trust Fund that would funnel money to corrupt and partisan groups such as ACORN (Association of Community Organizations for Reform Now) was reason enough to be skeptical of the bill. Today the New York Times reports that ACORN …
President Bush and some members of Congress want to dub the Federal Housing Administration as the White Knight who will rescue America from the mortgage mess. They want the agency to help homeowners refinance their subprime loans by offering to guarantee lenders it will cover the tab if the refinanced …
Now that the Senate has passed its “Foreclosure Enhancement Act,” attention turns to the House, which will hold hearings on its own response to the housing “crisis.” As the Christian Science Monitor reports, “at the heart of the emerging consensus is a bigger role for the Federal Housing Administration in …
