CRIMES AND CORRUPTIONS OF THE NEW WORLD ORDER NEWS (mparent7777_1) wrote,
CRIMES AND CORRUPTIONS OF THE NEW WORLD ORDER NEWS
mparent7777_1

Federal Housing Administration Bailout Could Cost $100 Billion

Forbes.com


The Housing Mess
Lending Over Backward
Joshua Zumbrun and Maurna Desmond 08.26.08, 6:00 AM ET

The FHA has been turned into the mortgage industry's lender of last resort. Taxpayer price tag? Maybe $100 billion.

DENVER -- When the nation's politicians take the stage here and later in St. Paul, Minn., you'll hear a lot of talk about saving the decrepit housing market, and lately that means one thing: The Federal Housing Administration.

Watch your wallet.

Heralded as a savior in reversing the mortgage market’s woes, risks to the agency could cost taxpayers dearly, says one mortgage expert, as Washington morphs the FHA from a helping hand for low-income home buyers into a back door bailout for the imploding mortgage industry. Trouble is, there's little choice at this point.

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