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FHA In Financial Trouble: Bailout Likely
FHA In Financial Trouble: Bailout Likely Federal Housing Administration's Financial Problems Will Hurt Housing Prices
According to this Wall Street Journal (WSJ) article, FHA Nears Need for Taxpayer Funds, the Federal Housing Administration (FHA) is in deep financial trouble, and as a result, the FHA will need a taxpayer bailout soon. It appears that the government propping of the housing market at taxpayer expense goes on and on despite the poor results and future problems that it creates. It is a shame that the US government keeps trying to fool home buyers into thinking the housing market is recovering only to leave them underwater when the housing market falls again. When the subprime mortgage market vanished, the FHA stepped in and made a lot of loans to would-be subprime borrowers. It should be no surprise that a lot of these loans would go bad. As of September 2012, the FHA insured almost 739,000 loans that are 90 days or more past due or in foreclosure. This is an increase of more than 100,000 loans from one year ago. This number of seriously delinquent loans represents approximately 9.6% of the FHA's $1.08 trillion worth of insured mortgages. Since the FHA insured mortgage ... more

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