The cash-strapped Federal Housing Administration will probably require a $943 million taxpayer bailout to cover expected losses on loans it insured as the U.S. housing bubble was deflating, the Obama administration said Wednesday.
It would be the first bailout of the government’s mortgage insurer in its nearly 80-year history.
The White House estimated that the FHA has about $30 billion on hand but said its cash reserves would probably be swamped by souring loans.
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3 comments:
How about....NO!!!
Don't they have a few bucks left over from the last bailout? Get real.
Close it up.
WTF! Nobody gives me money when I'm having a bad year!
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