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.
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