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

Jon Banking, Economy, Government, Market Commentary, Politics, Real Estate

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

This post was published at Wall Street Examiner by Anthony B. Sanders ‘ January 13, 2017.