Manhattan Luxury Condos Try FHA Backing in Sales `Game Changer'

[KMAN]

So if a person defaults on his/her mortgage payment, the US taxpayer is going to get the bill??? Am I reading this right?



Manhattan Luxury Condos Try FHA Backing in Sales `Game Changer' - Bloomberg

 

[Toro]

Yes.

I read this today. Its pretty stunning. The US government IS the mortgage market.

 

[CrusaderFrank]

As I've been saying for a while now, the Federal Government controls 100% (one hundred percent. ALL) of the US mortgage market.

And Kman is correct. Someone need only put down 3.5% on the $3MM purchase and if they default, it's on us.

Welcome to Obamaville, USA!

 

[Toro]

It's not going to end well.