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ProPublica: Govt Now Runs the US Mortgage Marketplace

Published: December 27, 2012
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Source: Money News

The American home mortgage market has, for all practical purposes, become nationalized since the 2008 financial meltdown, according to an analysis by ProPublica, the non-profit investigative journalism project.

The takeover, without which the housing market could barely function, has occurred against a backdrop of little planning or public discussion.

In fact, nine out of every 10 new mortgages are now backed by the U.S. taxpayer, up from three in 10 in 2006.

“It is creeping nationalism,” said Jim Millstein, an investment banker and former Treasury official in the Obama administration.

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