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"FHA Shortfall Seen at $54 Billion May Lead to Bailout (Update1)

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Last Edited: October 8, 2009, 10:38 am

Seems the general public would begin to realize that if these entities were run correctly with good oversight and ethical accounting they wouldn't need bailouts. 
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"FHA Shortfall Seen at $54 Billion May Lead to Bailout (Update1)
 
By Jody Shenn

Oct. 8 (Bloomberg) -- The Federal Housing Administration, which insures mortgages with low down payments, may require a U.S. bailout because of $54 billion more in losses than it can withstand, a former Fannie Mae executive said.

“It appears destined for a taxpayer bailout in the next 24 to 36 months,” consultant Edward Pinto said in testimony prepared for a House committee hearing in Washington today. Pinto was the chief credit officer from 1987 to 1989 for Fannie Mae, the mortgage-finance company that is now government-run.   ......."

http://www.bloomberg.com/apps/news?pid=20601087&sid=aOmu318hOZr4

 

Entry #1,462

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