Hey Taxpayers! Get Ready To Bail Out The FHA


John Carney, Managing Editor, Business Insider

Sorry Folks, The FHA Is Still Going To Melt Down (3 min)

  • FHA’s default rate has been climbing for months, but the agency insists that it will not run out of cash
  • Taxpayers will be stuck with the tab, if FHA is wrong
  • The FHA is working on improving its finances (but how?)
  • FHA’s assertion: Loans backed in 2009 are much, much better than the loans in 2007 and 2008
  • The FHA probably insured more than 2 million single-family mortgages in FY 2009, compared with 1.2 million in FY 2008
  • The FHA also thinks that a good part of the growth last year was among higher quality buyers…

Produced By: Kamelia Angelova & William Wei

BONUS: Watch Is Congress Really So Corrupt That Wall Street Calls The Shots? >

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