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wolverine wrote: We're about to bail out the FHA, if you've been following the news.

Well, to be fair, if FHA gets bailed out, it'll be the first time in its 78 year history.

FHA is one of only two government entities--the post office being the other--that receives its revenues solely from the sale of what is essentially private mortgage insurance.

The agency's independent audit will be released Friday (November 15, 2012), conveniently after President Barack Obama's reelection, and it will show that the FHA does not have enough money to pay for expected losses of $1.1 trillion in loans the agency has guaranteed.
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