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  • housing bailout

    FHA: The Next Round of Housing Bailouts?

    Despite some efforts this year to improve its financial position, the Federal Housing Administration (FHA) will reportedly seek a bailout from the federal government to cover losses on mortgage loans it insures. The FHA will ask taxpayers for a $1.7 billion cash infusion (more than double estimates earlier in the … More

    Who Will Obama Plan Help? Even the White House Has No Idea

    The Obama Administration may have already announced their $275 billion mortgage bailout plan, but that doesn’t mean they have any clue as to how it will actually work. The Washington Post reports: The administration is developing a standard for lenders to use in evaluating applicants that seeks to exclude homeowners … More

    Morning Bell: The Chicago Tea Party

    The nation’s outrage over the never ending Bush-Obama Bailout Parade is heating up fast. This week alone we’ve seen grassroots rallies in Seattle, Denver, Mesa, and Kansas. Then yesterday, CNBC editor Rick Santelli set off a virtual firestorm when his passionate critique of President Barack Obama’s mortgage bailout plan inspired … More

    NYT Wrong, LAT Right on Housing

    We don’t know what reality the New York Times editorial board lives in, but it is definitely not the same one Los Angels Times hard news reporters operate in. Today the NYT editorializes: In an election year, sound policy making is almost always trumped by political posturing, making the situation … More

    Housing Non-Profit Fraud! Say It Isn't So!

    Throughout the entire housing bail out debate conservatives repeatedly warned Congress not to include the creation of a $4 billion National Housing Trust Fund in the final legislative package. They didn’t listen. Now corrupt, fraudulent and partisan groups like ACORN (Association of Community Organizations for Reform Now) have a permanent … More

    Oh, It's 'Lousy' All Right

    We weren’t the only ones flabbergasted by David Broder’s recent praise for the National Housing Trust Fund. Cato Institute adjunct scholar Arnold King writes at EconLog: Broder helped ruin my day in a number of ways. First, he reminded me about this program, which I had only seen in early … More

    Housing Bailout Case Study in Rent Seeking

    Recently, a scandal has broken out that provides great insight into the housing crisis. Countrywide Mortgage brokers have been treating Congress to VIP lending rates. Accepting donations of $100 or more is illegal for these politicians, but scandals like this are not uncommon. The deeper question is why a profit-seeking … More

    Morning Bell: Hey Hey, Ho Ho, the Housing Slush Fund Has Got to Go!

    Anticipating legislative action on a bailout for Fannie Mae and Freddie Mac in the House tomorrow, the White House reaffirmed a veto threat Monday if the proposed package includes a money for state and local governments to buy real estate. Speaker Nancy Pelosi responded, “Let me get this straight. The … More

    Thanks to Fannie and Freddie, Housing Bailout Debate Trending Our Way

    The Washington Post makes a great case today for separating the left’s long sought housing bailout bill with the more pressing debate over long term reform for Fannie Mae and Freddie Mac They write today: Democratic leaders in Congress plan to attach the Fannie-Freddie rescue to housing legislation already passed … More

    Morning Bell: Seize This Opportunity

    Freddie Mac and Fannie Mae own or guarantee a combined $5 trillion worth of mortgages. To put the size of that liability into perspective, remember that total U.S. federal debt is $9.5 trillion and total U.S. gross domestic product is $14 trillion. They are simply too big to fail. The … More