Risky borrowers can now have their mortgages underwritten by Joe and Jane Taxpayer. Risky borrowers will behave as risky borrowers do: some will actually pay off their debts but some will not. And now I'm paying for those who will not.
The President spoke out of both sides of his mouth when saying "It's not the government's job to bail out speculators, or those who made the decision to buy a home they knew they could never afford.''
Anyone who needs to refinance with the FHA, by definition, made the decision to buy a home they knew they could not afford. End of.
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