The stealth bank bailout via leveraged FHA loans

When David Stevens left his position in the Obama Administration in 2011 as the head of the Federal Housing Administration to go to head the Mortgage Bankers Association, the chief lobbyist for the industry he once regulated, I posted on the revolving door of corporatism, noting how common this sort of thing is. The interesting thing about this is that we now know subsequently what Stevens oversaw before leaving the regulators post for industry because a recent study shows that the FHA insured l...


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