Lawmakers are told FHA losses might clean out $30B reserve

10/9/2009 |

A U.S. House subcommittee was warned that the Federal Housing Administration likely will be the next government-backed mortgage investor to run out of money. Former Fannie Mae executive Edward Pinto predicted that the FHA's losses on mortgages it insures will exceed the agency's $30 billion in reserve. "It appears destined for a taxpayer bailout in the next 24 to 36 months," he said.

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