Financing the wealthy homeowner – Government loans helping some of the most affluent US communities. In 2006 Fannie Mae and Freddie Mac backed one out of three loans in top 20-income markets. Today it is 3 out of 4.

Dr. Housing Bubble reports on Fannie and Freddie :

“In 2006, the two entities guaranteed only about one-third of new mortgages in the 20 highest-income mortgage markets in the country. By 2010, that share had risen to about three in four, the data showed. In the 20 lowest-income markets, the shares also rose to about three in four in 2010 from about one-third in 2006, the analysis showed. The figures were from large markets, those in which 2,000 or more new mortgages were taken out in any year in the period.

The figures do not include loans by the Federal Housing Administration, so the total share of government-backed mortgages was even higher than the data suggests.”

Yet, Barack Obama says we can't go back to George Bush's policies that got us into to this mess!