Will the FHA require taxpayer help?
Freddie and Fannie Taxpayer T-Shirt by Mike Licht, NotionsCapital.com
License (according to Flickr): Attribution License
License (according to Flickr): Attribution License
WASHINGTON A federal agency that insures mortgages for millions of low- and middle-income borrowers is facing losses of $16. 3 billion and may require taxpayer support, according to an independent audit released Friday. The Federal Housing Administration's estimated losses were steeper than earlier projections. That shows high numbers of mortgage defaults triggered by the housing crisis have reduced the FHA's reserve funds. Wells Fargo sued for mortgage fraud Housing policy still key for Obama's next term Nearly half of younger homeowners are "underwater" The Department of Housing and Urban Development, which oversees the FHA, stressed the agency has sufficient cash to pay insurance claims against mortgage defaults. Still, HUD said the Obama administration will consider seeking taxpayer assistance for the agency. That will be decided early next year when the administration puts together its budget request for fiscal 2014.
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mortgages Federal Housing Administration taxpayers housing and urban development Senate Banking Committee audit Housing policy fannie and freddie mortgage fraud Fannie Mae Obama administration Freddie Mac Wells Fargo insures borrowers Shaun Donovan high numbers financial crisis South Dakota short sales news release loans middle-income insurance rates homeowners finances steeper underwater bleaker cash month Banking WASHINGTON showsPeople:
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Organization: Federal Housing Administration
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Organization: HUD
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Company: Wells Fargo
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Company: Fannie Mae
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Source Webpage: Will the FHA require taxpayer help?
Will the FHA require taxpayer help?
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- $16.3 billion loss
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- government bailout
- mortgage defaults
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Federal Housing Administration is facing losses of $16.3 billion and may require taxpayer support
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