Hidden Housing Subsidy May Soon Come Out Of Hiding
Euro Crisis Infographic: Greek GDP as a Percentage of GDP vs Greek Unemployment by EuroCrisisExplained.co.uk
License (according to Flickr): Attribution License
License (according to Flickr): Attribution License
The federal government has all these ways of paying people to buy houses without actually, you know, paying people to buy houses. We've talked a lot about two examples of this: 1. The mortgage-interest tax deduction is effectively a government payment to people who are paying a mortgage. 2. Fannie Mae and Freddie Mac allow home buyers to get below-market-rate mortgages. They blew up in the housing bust, requiring a massive federal bailout. We haven't talked so much about a third example of a federal housing subsidy that doesn't seem like a subsidy: the Federal Housing Administration, aka FHA. Like Fannie and Freddie before the housing crisis, FHA has always funded itself. And, like Fannie and Freddie after the crisis, FHA may soon need a taxpayer bailout. An audit of FHA released today found that the agency is $16 billion in the hole. The FHA doesn't actually make loans.
People:
Fannie
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Thuy Vo
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Freddie
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Organization: Federal Housing Administration
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Hidden Housing Subsidy May Soon Come Out Of Hiding
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A program that backed lots of mortgages during the housing bust may soon need taxpayer money to make good on its promises.
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