[reaganaut1]

When people default on no-downpayment mortgages insured by the government, it will be at taxpayer expense. Who do you think paid for the S&L bailout?

[Moonman62]

The government insures mortgages? I thought people had to pay PMI.

And there was no bailout in the S&L crisis. The government paid depositors their insurance, and the bad S&L's were liquidated.