About 90% of all new mortgages are backed by the government, three times more than in 2006. Fannie Mae and Freddie Mac, the taxpayer-controlled, semi-private housing giants, were saved with infusions of $187.5 billion of public funds starting in 2008, and now guarantee 69% of new mortgages, up from only 27% in 2006, while the Federal Housing Administration and the Department of Veteran’s Affairs back about 21% of mortgages, up from just 2.8% in 2006.
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