Republicans Subsidize Mansions, Even the GOP Wants to Add Trillions to Our Debt

[Galraedia]

WARNING! The following news is from a conservative web site:


Almost two weeks ago, when they figured no one was watching, the Republican-dominated House of Representatives, by an overwhelming 292–121 margin, voted to increase funding for the Federal Housing Administration. Just as government debt hit $15 trillion, edging closer to 100 percent of GDP, these self-proclaimed scourges of spending decided Uncle Sam should continue subsidizing mini-mansion mortgage loans — up to nearly three-quarters of a million dollars.

Given the straits that the mortgage crisis has left us in, to say nothing of the government’s central role in getting us there, one might think Republicans would be asking whether the government should be in the housing business at all. “Stop out-of-control spending and reduce the size of government” — that is what Boehner, Cantor, & Co. promised in big bold letters during the 2010 campaign. That was in the snippets of text that occasionally interrupted the gauzy photo spread they called their “Pledge to America.”

Instead, here we are a year later, careering toward the cliff. We ought to be doing everything in our power to tee up the 2012 election as a high-noon showdown between Obama’s insatiable Leviathan and a GOP vision of fiscally sane, constitutional conservatism. So how do Republicans respond to their moment? How do they propose to “stop out-of-control spending and reduce the size of government”? Why, by putting taxpayers on the hook for shaky loans on luxury homes — sure to add prodigiously to the already $142 billion (and counting) housing bailout attributable to Fannie Mae and Freddie Mac.


Read more http://www.libertysentry.com/2011/11/26/republicans-subsidize-mansions-even-the-gop-wants-to-add-trillions-to-our-debt/?utm_source=rss&utm_medium=rss&utm_campaign=republicans-subsidize-mansions-even-the-gop-wants-to-add-trillions-to-our-debt

[MichiganVote]

1. K&R

[YellowRubberDuckie]

2. Most of the people who get FHA loans are not getting 1/2 million dollar homes.

Most Principal Balances on FHA loans are under $200,000. Average is $185,752 (one of the highest averages since the program began). Most of the ones we service are not anywhere NEAR that much. My original balance was under $80,000.