Federal Housing Administration's reserves have stabilized

11/16/2010 | Wall Street Journal, The

Critics had warned that the Federal Housing Administration would need a taxpayer rescue, but an annual audit of the agency shows that its cash reserves have stabilized and it is in relatively good shape. The performance of the FHA surpassed predictions made in last year's audit. "(W)e outperformed a report that predicted significant risk at a time when most people were expecting a far worse scenario," said David Stevens, commissioner at the FHA.

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