Obama Administration Says Federal Housing Administration (FHA) Needs a $943 Million Taxpayer Bailout

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Obama administration says housing agency needs $943 million

(Reuters) – The cash-strapped Federal Housing Administration will likely 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 on Wednesday.

It would be the first bailout of the government’s mortgage insurer in its nearly 80-year history.

The White House estimated the FHA has about $30 billion on hand, but said its cash reserves would likely be swamped by souring loans.

FHA Commissioner Carol Galante said the agency still might be able to avoid taking aid from the U.S. Treasury, despite the financial hole projected in President Barack Obama’s 2014 budget proposal. It has until September 30 to decide whether it needs a cash infusion.

“FHA, while still under stress from legacy loans, has made significant progress and is on a sound fiscal path forward,” she told reporters on a conference call.

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Comments
3 Responses to “Obama Administration Says Federal Housing Administration (FHA) Needs a $943 Million Taxpayer Bailout”
  1. Mystify says:

    I say screw the bailout and let’s leave the banks holding the bag, they (the banks) already have been paid off, their getting our houses back to resell, enough is enough!

  2. charley rice says:

    The PEOPLE should tell them to BAILOUT them selves and NOT TO FALL INTO their big DECEPTION anyMORE or EVER AGAIN.

    THE BANKS are FORBIDDEN under their CHARTERS and TITLE 12 to loan YOU MONEY.

    SO why ARE they STEALING our HOMES?

    Wait a minute, THEY HAVE NO STANDING, NO JURISDICTION, NO VENUE!

    GOOGLE IT and ASK yourself that QUESTION.

    What is wrong with this picture, and why are they steam rolling over the PEOPLES HOMES that they DID NOT lend a SINGLE PENNY to?

    The PEOPLE that CREATED the money based upon the 1933 Signature Act and THEY always had the POWER.

    WHO IS LETTING the TARP BANKS do this to the PEOPLE and get away with this ACT is AN ENEMY OF WAR and CREATING WAR UPON THE PEOPLE.

    “THIS IS TREASON!”

    THE COURTS are Obstructing Justice.

    STOP doing HOSTILE takeover of the PEOPLE’S LAND and RESCIND the peoples homes.

    You CAN’T steal a HOME and KEEP it just to blame it on ERROR.

    THE PRIME were already found Guilty and HAD NO STANDING, AND they BROKE THE LAWS by ROBOSIGNING on SUBPRIME BANKS that HAD been out of business for over (5) five YEARS had CREATED CANCELLED DEFECTIVE INSTRUMENT ASSETS which is UNENFORCEABLE.

    BY the BANKS NOT GIVING BACK the PEOPLES HOME is BREAKING the

    TEN COMMANDMENT LAW, the HIGHEST LAW upon the LAND.

    ” THOU SHALL NOT STEAL”

    THE PEOPLE WILL WAKE UP and NOT be the Sheepie/Slaves no more.

    GOD DOESN’T LIKE EVIL and SOON YOU WILL FEEL his MIGHTY HAND upon YOU for YOU CAN’T NO LONGER HIDE and the days are numbered. KARMA will come to them.

  3. BOBBI SWANN says:

    Well, I can tell ya that getting a FHA mortgage is just about the same as getting a conventional mortgage when you put down less than 20%……which nowadays, does not happen often. Conventional has the 97% but then again, the government already owns Fannie/Freddie. In my years of experience in the mortgage industry FHA has raised it’s MIP and it’s monthly rate more in the last 5 years than all of the 40+ years that I’ve been doing this! It’s a shame that scammers, greedy sob’s, both in the mortgage and real estate market, took severe advantage along with the bankstas and manipulated the FHA program during the so-called ‘boom’ time (which was really just a man-manufactured bubble). Greed is such a dominent emotion (is it an emotion?) that it obliterates all of the human moral values. Granted, I’m not a saint in any aspect of the word. I will reserve that for the good Lord above, but the phrase ‘do unto others as you would have done unto you’ has always kept me on the straight and narrow. I feel a need to help others in whatever capacity that I can. I bet if they really dug deep they would find a lot of missing money from FHA. Betcha!

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