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U.S: Housing agency woes offer chance to fix market

Posted on 19 November 2012

For the first time in its 78-year history, the U.S. Federal Housing Administration might need a government bailout. The agency’s most recent audit, released last week, reveals it is burdened by a $16.3 billion deficit in the value of its insurance fund, primarily on loans it backed ahead of the housing market’s collapse. The audit also reveals — or should remind us — that the federal government’s role in the mortgage market is outsized and should be reduced.
The FHA’s troubles are largely a result of the housing party hangover, including defaults from a questionable program that allowed sellers to cover the down payment on behalf of buyers, often by inflating the price of the home………………………………………..Full Article: Source


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