FHA Feeling the Pinch

The Federal Housing Administration said today that its reserves are dwindling because of risky loans they insured and the drop in home prices.

1 minute read

November 13, 2009, 5:00 AM PST

By Alek Miller

"The results of the F.H.A.'s annual audit showed the agency's capital reserves to be 0.53 percent, far under the 2 percent minimum mandated by Congress. A year ago, the capital reserves were 3 percent.

'They're running on empty,' a consultant, Ann Schnare, said. 'It all depends how long it takes housing to recover.'

Other critics were less sure that the agency's coffers would not need replenishing."

FULL STORY: Housing Agency Says Cash Reserves Are Down Sharply

Thursday, November 12, 2009 in The New York Times

Housing United States Housing Federal Housing Administration

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