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Thread: FHA has zero capital reserves

  1. #1
    Member Pauls' Revere's Avatar
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    Default FHA has zero capital reserves

    This cant be good.
    http://finance.yahoo.com/news/fha-ca...231725679.html

    SAN FRANCISCO (MarketWatch) -- The Federal Housing Administration has exhausted its capital reserves and is currently running at a deficit of $13.5 billion, The Wall Street Journal reported late Thursday, citing an independent audit. The FHA, which is expected to release the audit on Friday, is the arm of the Department of Housing and Urban Development that insures home mortgages. The audit is expected to show the FHA's reserves were not enough to cover losses on $1.1 trillion in guaranteed loans, and that the agency will need taxpayer funding for the first time in 78 years, according to the Journal.
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  3. #2

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    Nice. Hope my streamline refi goes through before the report comes out. Lol
    "Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, and one by one."
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  4. #3

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    Surprise surprise...I talk about this all the time at work (a mortgage company) LOL
    Do a barrel roll!

  5. #4

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    Yes, housing prices are still going lower.

  6. #5

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    Quote Originally Posted by cubical View Post
    Yes, housing prices are still going lower.
    I said this in another thread, but in the month leading up to the election the government owned properties essentially disappeared from this market. Homes that were laready on the market stayed, but they didn't introduce any new listings. I assume it was to prop up the market.
    .[QUOTE]"Every great new thought was opposed. Every great new invention was denounced. The first motor was considered foolish. The airplane was considered impossible. The power loom was considered vicious. Anesthesia was considered sinful. But the men of unborrowed vision went ahead. They fought, they suffered and they paid. But they won." - Ayn Rand, The Fountainhead[/QUOTE]
    ..
    .

    I blog at Red State Eclectic, and I tweet here,.

  7. #6

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    Ah, so this is yet another exciting event when we get to capture the very moment another brick is laid on the road to hell that which is so carefully placed with good intentions.

  8. #7

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    Buy silver and if you can afford it gold...
    It's just an opinion... man...

  9. #8
    Member Zippyjuan's Avatar
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    Quote Originally Posted by angelatc View Post
    I said this in another thread, but in the month leading up to the election the government owned properties essentially disappeared from this market. Homes that were laready on the market stayed, but they didn't introduce any new listings. I assume it was to prop up the market.
    In my area, the supply of homes on the market is down and prices have been rising for several months.
    I am Zippy and I approve of this message. But you don't have to.

  10. #9

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    QE VIII ?
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