Guaranteed Mortgages — on the taxpayers’ dime

With no authorization from Congress, President Barack Obama has announced that his administration–through the Federal Housing Administration–will insure refinanced mortgages for 2 to 3 million borrowers without verifying their income or even if they hold a job, according to HUD.

Any American with a mortgage insured by the Federal Housing Administration (FHA) endorsed on or before May 31, 2009 and who is current with their mortgage payments would qualify, according to HUD.

No additional underwriting, or examining the verification of income, employment status or creditworthiness, will be done.

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