Buried in a Washington Post article:

90 percent of all new home loans are funded or guaranteed by taxpayers

taxpayers are on the hook for most of the loans that are still being made if they go bad. And they are also on the line for any losses in the massive portfolios of old loans at Fannie Mae and Freddie Mac, which own or back more than $5 trillion in mortgages.

Gets better. WaPo is reporting a high risk of default (Are we surprised with a 9.7% official unemployment rate?)

There is growing evidence that many loans being guaranteed by the government have a significant risk of defaulting. Delinquencies are spiking. And the Federal Housing Administration, another source of government support for home loans, is quickly eating through its financial cushion as losses mount.