An unmentioned part of this new proposal is the huge, new beauracracy that will be created to regulate Fannie/Freddie and to “monitor” this program. You’re talking at a minimum of 100 new hires (easily could go up to 500 by the time we’re done), in DC of about $100k each on average (benefits for a federal employee will run about 27% of pay). Plus new computers, supplies, etc., you’re easily topping over $11-15M per year, and that’s a minimum. I think a more accurate figure is about $75M for a new department budget. Per year. But thats less than 1% of the budget, so by DC standards, that’s efficiency.
