In unrelated news:FHA slammed for risk-taking that could lead to $20B in losses. The Federal Housing Administration's insurance of mortgages in 2009-10 - after the sub-prime blowout - was too risky and could generate losses of $20B, an analysis of 2.4M FHA-insured loans shows. The study, by Edward Pinto of the conservative American Enterprise Institute, follows the recent FHA annual report, which showed projected losses of $16.3B, increasing the likelihood of a bailout of the agency.This proves once again that we need to rein in the excesses of the free market.
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