The Federal Housing Administration insured over $1.44 billion in mortgages for 6,327 borrowers with $77.6 million in federal tax debt who benefited from the 2009 American Recovery and Reinvestment Act. Of these borrowers, 3,815 individuals claimed and received $27.4 million of First-Time Homebuyer Credits from the Recovery Act., according to a report by the Government Accountability Office.
Tax debtors, by law, are prevented from obtaining federal subsidies for mortgage insurance. The Recovery Act raised the limit on the loans the FHA was allowed to insure, however, resulting in FHA insurance of more than $20 billion in for 87,000 households.
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