Everyday it seems there are new stories about how the U.S. housing situation is getting better. But there are a few voices in the wilderness who are calling out, "Watch out below!"
The Latest Taxpayer Housing Bust.
With the election over, we learn that the FHA is insolvent.
Vindication is overrated, especially in a losing cause, so it brings no satisfaction to have predicted that the Federal Housing Administration would sooner or later threaten taxpayers. That day has arrived. Safely past the election, the feds announced Friday that the FHA's liabilities exceed its assets by at least $16.3 billion—and the gap could reach $93.7 billion in the worst case. [more]And what is the Obama administration doing about this?
Yup, fiscal responsibility be damned. We're going to have social justice.
Maybe it's time for the Social Justicer In Chief to go back to doing what he does best.
