FHA Bailout could cost U.S. Taxpayers over $100 million
2008-08-26 — forbes.com
When the nation’s politicians take the stage in Denver and St. Paul, Minn., you’ll hear a lot of talk about saving the decrepit housing market, and lately that means one thing: The Federal Housing Administration.
Watch your wallet.
“Nobody is talking about it, but in three years the FHA bailout is going to cost taxpayers at least $100 billion dollars,” said Guy Cecala, a mortgage industry insider and publisher of Inside Mortgage Finance. “Everybody on Capital Hill recognizes that there will be significant costs, but they’re trying to keep the housing spigot open even if it will bring in some bad water down the road.”
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