Housing Doom Housing Bubble Blog

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Yesterday Reuters reported:

WASHINGTON (Reuters) - The Bush administration on Tuesday threatened to veto Democratic-written legislation designed to provide affordable housing for low-income families, saying it opposed the way a newly-created trust fund would be financed.

While the administration said it supports helping the poor gain housing, it "strongly opposes the establishment of an Affordable Housing Trust Fund financed by diverting Federal Housing Administration (FHA) receipts and housing-related Government Sponsored Enterprises (GSEs) revenues."

The reason for his opposition?

While the administration said it supports helping the poor gain housing, it "strongly opposes the establishment of an Affordable Housing Trust Fund financed by diverting Federal Housing Administration (FHA) receipts and housing-related Government Sponsored Enterprises (GSEs) revenues."

The administration also objected to using FHA receipts, saying those funds are already used to offset the cost of other programs.

In a nutshell, here’s what the National Affordable Housing Trust Fund is:

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I got a laugh out of the following ad from L’s daily spam collection:

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