Federal Housing Administration

The FHA led to politics taking control of housing, as well as the creation Fannie Mae and Freddie Mac, two government-sponsored enterprises that are at the heart of the subprime mess and have cost the taxpayers billions of dollars. Today, Fannie Mae is proving to be a financial problem bigger than even AIG.

— Robert Kiyosaki; Rich Dad's Conspiracy of The Rich

Does the Federal Housing Administration have unlimited money to bail out bad loans? Actually there have been so many defaults that the FHA's own reserves have dropped below where they are supposed to be. But not to worry. There will always be taxpayers, not to mention future generations to pay off the national debt.

— Thomas Sowell; Dismantling America