90% of New Mortgages Now Backed by the Government

The Mortgage Bankers Association is in front of Congress today calling for the U.S. government to continue to intervene in the mortgage market. But just how involved are they currently? The WSJ explains:

The government is providing guarantees on more than 90% of new home mortgages through Fannie Mae, Freddie Mac and the Federal Housing Administration.

This clearly shows that the only reason we're seeing slight signs of 'stabilization' in the housing market is because taxpayers are taking all the risk.