This is coming straight from the guy at the top and came from www.bloomberg.com:
"FHA Commissioner Brian Montgomery was among the skeptics when Congress considered the Housing and Economic Recovery Act, which includes Hope for Homeowners. In prepared remarks to a National Press Club luncheon in Washington on June 9, he said the legislation could weaken the agency and endanger the housing market."
"On July 8, Montgomery said at a conference in Arlington, Virginia, hosted by the Federal Deposit Insurance Corp., that some members of Congress want to turn FHA into a ``mega-mortgage agency, in effect federalizing the mortgage market.''
"The Federal Housing Administration has grown so large that by the end of the year it will guarantee mortgages for three in 10 U.S. borrowers, many of whom have bad credit or loans that required no verification of income.
Congress wants FHA to do more."
How do so many people not see or acknowledge what the government is doing? I know that we are very socialistic in our economics, but do we have to keep on going that way? This bail-out is going to happen again in just a few years. And who knows how many other bail-outs there will be to other industries as government "has to" step in and take over. The car manufacturers got a nice $25 billion bail-out last week and California is already setting the stage to make a request for a bail-out for the state.
Comments(0)