...and the winner of our next huge bailout is..... The FHA!
Lets ask ourselves for a second HOW our broke government is going to bail out the FHA?
Thats absolutely right, their going to use tax payer money to do it. Their going to use our hard earned tax payer money to bail out a Federal agency that somehow couldnt figure out that a few billion dollars wasnt enough to cover the losses on $1.1Trillion of insured mortgages.
The real underlying question here should be why the hell is the government insuring mortgages?
Their creating a false sense of security which props up prices that would otherwise continue to fall. People who shouldnt be purchasing homes are able to do it with almost no money down, so ofcourse when they lose their job or things get tight the easiest thing to do is walk away from it, they have nothing to lose.
Well in the end it just means the printing press will continue to run and the savings of the middle class will be quietly swept away. If your not converting your savings and retirement funds to precious metals then you'll have no one else to blame when they dissappear.
