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Addicted To Gov? Ben Carson And The 30 Year Mortgage Backstop (HUD Secretary Hearings)



wallstreetexaminer.com / by Anthony B. Sanders • January 13, 2017

This is a syndicated repost courtesy of Confounded Interest. To view original, click here. Reposted with permission.

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Poor Ben Carson. He is being subjected to “addicted to gov” crowd in the US Senate (those Senators who can’t envision a world without Federal subsidies and regulation).  But are the savings from a residential mortgage backstop large enough to justify its existance?

(Bloomberg) – By Joe Light – Ben Carson, President-elect Donald Trump’s nominee for the top U.S. housing-policy job, told lawmakers that he questions the need for a government backstop of the market for 30-year mortgages, saying the private market could take on much of the responsibility.

Carson commented in response to a question Thursday at a Senate confirmation hearing where some Democrats questioned his qualifications to lead the Department of Housing and Urban Development, which has responsibilities ranging from insuring low-down-payment mortgages to administering rental assistance for low-income home owners. The housing industry has defended the federal backing as essential in keeping down mortgage costs. 

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