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FHA Faces $13.5B Fiscal
’12 Deficit, Audit Says

Fox Business, by Adam Samson

Original Article

Posted By:JoniTx, 11/16/2012 9:46:41 AM

The Federal Housing Administration faced a deficit of $13.5 billion for the fiscal year ending in September, according to an audit released late Thursday. The report says the FHA will not have the capital resources available to handle the estimated losses on the roughly $1.1 trillion in mortgage debt that it backstops. In total, the FHA has $25.6 billion in resources, but is forecast to see future cash flows of negative $39.1 billion, creating the deficit. Analysts have said the FHA could require a bailout from taxpayers in order to bridge the gap. Click here to read the full report.

      


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Reply 1 - Posted by: horacer, 11/16/2012 9:58:37 AM     (No. 9018171)

What a disaster. This is the first time in their 78 year existence they´ve needed a bailout and it´s directly a result of Obama policies. More than 10% of their loans are 90 days + delinquent. As the economy sinks next year it´s only going to get worse.

This is Obama´s housing recovery.

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Reply 2 - Posted by: nonsense, 11/16/2012 10:15:38 AM     (No. 9018230)

Blame the Demonrats and their Community Reinvestment Act that was a grievous case of Reckless Endangerment.

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Reply 3 - Posted by: cartcart, 11/16/2012 11:04:34 AM     (No. 9018386)

With a little extra work, they could have lost over $15 Billion as the USPS did. Come on, fellas. You can do better. You MUST do better.

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Reply 4 - Posted by: mickturn, 11/16/2012 11:07:18 AM     (No. 9018396)

Another Liberal run success...

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Reply 5 - Posted by: NorthernDog, 11/17/2012 4:10:08 PM     (No. 9020966)

They´ll never fix the underlying problem of lending money to people who cannot, or will not fulfill their mortgage obligations. Billions more will be flushed away.

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