U.S. housing agency might need a bailout, audit shows

11/15/2011 | Wall Street Journal, The

An independent audit found that the U.S. Federal Housing Administration is running out of money fast, and there is a good chance it will have to seek a government bailout next year. The mortgage insurer's reserves fell from $4.7 billion last year to $2.6 billion Sept. 30, reflecting falling home prices and increasing mortgage defaults.

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