Faking the Housing Recovery

Here we go again.  The FHA housing recovery is being financed with taxpayer money. Official government “policy” is once again on the verge of bankruptcy -- and will undoubtedly need yet another bailout.According to MSNBC: Many of the loans the F.H.A. insured in 2007 and last year are now turning delinquent, agency officials acknowledge. The loans made in those two years are performing “far worse” than newer loans, dragging down the whole portfolio, Mr. Stevens [Commissioner] of the F.H.A. said in an interview.The number of F.H.A. mortgage holders in default is 410,916, up 76 percent from a year ago, when 232,864 were in default, according to agency data.But all of that is just hunky dory -- if we trust Barney Frank who helped create the first housing bubble and subsequent collapse:Barney Frank, the Massachusetts Democrat who is chairman of the House Financial Services Committee, said in an interview that the defaults were, in essence, worth it.“I...(Read Full Post)

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