> FHA loans are guaranteed by the the federal government. During the next recession if you default on this loan because you no longer want to pay the loan, it will be the rest of us taking the loss, not the bank.
everyone likes socialism when they get paid, no one likes socialism when they have to pay for other people's stuff. This is probably a failure mode.
Taxpayers shouldn’t have to pay for foreclosures backed by the FHA. That’s what private mortgage insurance is for. The problem was the banks weren’t following the guidelines.
The taxpayers definitely shouldn’t have had to bail out the banks for loans that the government didn’t back.
everyone likes socialism when they get paid, no one likes socialism when they have to pay for other people's stuff. This is probably a failure mode.