FHA to draw $1.7b from YOUR pocket to cover losses
Posted in the Minneapolis Forum
Saint Paul, MN
#1 Sep 27, 2013
Republicans have complained that the FHA contributed to the housing meltdown by providing loans to many unqualified borrowers who ended up defaulting. They have called for ending the FHA's backing of reverse mortgages and for limiting the agency's role in the housing market.
BUT instead, has to have a cash infusion from the Treasury that is about twice as much as the Obama administration projected would be needed in April -JUST 5 MONTHS ago. Obama's fiscal 2014 budget request said the FHA would probably need $942 million.
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