FHA Shortfall Seen at $54 Billion May Lead to Bailout (Update1) - Bloomberg.com: "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."
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Well, we taxpayers can just reach into our pot of bailout dollars that we all have in the cupboard and support the good old FHA, right?
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