Sociable

Wednesday, January 26, 2011

Bill would cut all funding to HUD

This is big.  HUD runs the FHA program, which allows first time home buyers low down payments to purchase homes usually at 3.5%  Currently  FHA sponsored and insured home loans make up about 30% of the market, so you would see a huge decrease in the number of first time buyers.

HUD's fiscal year 2010 budget totaled $43.7 billion, a 9% increase from 2009.
"By removing programs that are beyond the constitutional role of the federal government, such as education and housing, we are cutting nearly 40% of our projected deficit and removing the big-government bureaucrats who stand in the way of efficiency in our federal government," Paul said in a statement released Tuesday
I need to find more information on what programs will be cut, if approved.

Read it all

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