Posted on 11/20/2011 7:08:02 PM PST by Halfmanhalfamazing
It took a $142 billion taxpayer bailout to convince the Obama Administration to pledge in February to wind down Fannie Mae and Freddie Mac, rein in the Federal Housing Administration and encourage the revival of a private mortgage market. So it's distressing to see Congress move in exactly the opposite direction less than a year later, with the quiet approval of the White House.
While cable TV is chasing the trivia of Fannie and Freddie bonuses, the real news is that late Monday a bipartisan Congressional committee announced an agreement to increase FHA's maximum mortgage limits to $729,750 from $625,500 through Dec. 31, 2013. The bill is linked to a continuing resolution to fund Congress past Saturday, increasing the likelihood that this backroom deal will become law. The House is scheduled to vote on the bill today without debating these changes, in what ought to be an embarrassment to Speaker John Boehner and Majority Leader Eric Cantor.
(Excerpt) Read more at online.wsj.com ...
Got to watch?
Better to get rid of them, than just watch.
Get rid of them next year.
Watch them now.
This guy shows you which Repubs sold out. CA, nv, az, fl and ne ones.
Look at the map of where FHA limits were raised.
Http://confoundedinterest.wordpress.com
This guy shows you which Repubs sold out. CA, nv, az, fl and ne ones.
Look at the map of where FHA limits were raised.
Http://confoundedinterest.wordpress.com
Amen to that.
Previously this law- a huge stinking pork sausage- passed the House with 165 DEMOCRAT votes and 133 RINO votes.
http://clerk.house.gov/evs/2011/roll857.xml
If anyone’s congressman was a ‘yea’ vote... he needs a talkin’ to.
Yep, Primary them all except for the four who voted against the BBA (Balanced Budget Amendment) watered down bill on Friday. They took out all the safeguards to raising taxes to keep up with their spending.
The sad thing is that most had no idea the safeguards were gone. So much for reading the bill.
dumb
A: Not many.
The Federal Housing Administration may need bailing out
http://www.csmonitor.com/Business/Mises-Economics/2011/1116/The-Federal-Housing-Administration-may-need-bailing-out
The FHA insures $1.1 trillion in mortgages. Federal law requires the FHA to have reserves above 2 percent, meaning the agency is supposed to have over $22 billion in reserves on hand. It has just over 10 percent of what’s required.
Timiraos writes that a 9 percent drop in housing prices next year will send the agency to the Treasury needing $13 billion. A 20 percent decline will require $43 billion from Treasury.
Robert Shiller predicts housing prices will drop 10 to 25 percent between now and 2014, swamping any 3.5 percent down payment FHA requires.
What are these guys retards?...
Its like they don’t comprehend Cloward-Piven..
Or worse think that its Bull Squirt..
This administration is actively trying and being successful to disassembling the United States..
Trashing our economy and justice system.. very successfully..
They own the FBI and CIA.. and NSA and probably the military security as well..
Talk about a Coup D-Etat..
FHA needs to go on the list of agencies we just don’t need anymore. Shut it down and let the private market handle home financing.
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