Obama Will Make Taxpayers Guarantee Mortgages Without Checking Borrowers’ Incomes or Employment

President Barack Obama. (AP Photo/Susan Walsh)

(CNSNews.com) – Wth 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 the Department of Housing and Urban Development (HUD).
Obama announced his latest mortgage program at a White House news conference on Tuesday.

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.