The Federal Housing Administration is in deep trouble. The agency insures loans made by private lenders, and a recent audit showed the capital reserves were o.53%, much below the 2% mandated by Congress last year.
[T]he agency insured too many loans to unqualified borrowers in 2007 and 2008, a position the agency itself now agrees with. Nearly one in five loans it insured in 2007 now fall into
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