More GOP Welfare for the Rich
November 20, 2011
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Last week Congress reinstated legislation to provide for FHA backing for mortgages between $625,500 and $729,750. Doing so just means that folks who want a loan above $625K will get taxpayer-funded support for that additional $105,000. Do families that can afford homes costing three-quarters of a million dollars really need help from the rest of us? No but the GOP wants to be sure they get their votes as well as more big campaign donations from mortgage bankers and well-healed realtors.
At the same time Congress cut funding for the Home Investment Partnerships Program that assists low-income families renovate and purchase homes.