Taxpayers Bailing Out Housing Market

[Robert Oak]

Over on The Economic Populist, there is a new blog post, TaxPayers Already Bailing Out The Housing Market

And yet, just a couple weeks ago, the Bush Administration proposed using the F.H.A. to bailout homeowners.

While the two plans are different, they both involve using the same agency to do the same thing.
What really makes this silly is that the agency they want to use, the F.H.A. is already insolvent from bailing out homeowners

H.U.D. has asked Congress for taxpayer subsidies for the first time in three decades, primarily because of losses at their F.H.A. subsidiary

Go to the links to read my details but this is pretty damning where the US taxpayer, after getting foreclosed on and also bankrupt is now supposed to pay for the subprime bailout to boot.