Gretchen Morgenson: F.H.A. Audit Said to Show Low Reserves

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Gretchen Morgenson: F.H.A. Audit Said to Show Low Reserves

Gretchen Morgenson: F.H.A. Audit Said to Show Low Reserves

Watch for another possible subprime Bailout

NYT-

The Federal Housing Administration’s annual report is expected to show a sharp deterioration in the agency’s financial condition, including a shortfall in reserves, the result of escalating losses on the $1.1 trillion in mortgages that it insures, according to people with knowledge of the entity’s operations.

The F.H.A., the Department of Housing and Urban Development unit that insures home mortgages, reports on its capital reserves at the end of each fiscal year and makes projections for its financial position in the coming year. If the report, due later this week, showed that the F.H.A.’s capital reserves had fallen deep into negative territory, it would be a stark reversal from projections last year that it would show a positive economic value of $9.4 billion in 2012.

[NEW YORK TIMES]

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2 Responses to “Gretchen Morgenson: F.H.A. Audit Said to Show Low Reserves”

  1. Charles Reed says:

    Surprise FHA is losing money, but it not because these are bad loans its because the FHA household have lost one income or making less money as these are not “Stated Loan”.

    Ms Morgenson and her failure to understand the FHA process in the first place makes her inaccurately report the situation at hand. We got these newspaper financial reporters who have never produce a mortgage loan, reporting that 20% down was the norm when in fact only about 5% of buyer had 20% and of them their parents where helping them with that down payment.

    Now we have this bad economy with 24 million either out of work or part time work and cannot make the house payments because of the action by Wells Fargo, Countrywide and other lenders made bad loan to minorities who the lenders where steering them into subprime loans.

    The chicken are coming home to roost as FHA is being rip off by Ginnie Mae and its band of servicers/lenders who have denied modification under the HAMP (The President’s Making Home Affordable). So as the government loan in the FHA & VA program are place into the Ginnie Mae pools by the lender relinquishing the blank endorse Notes, it presents a legal problem with the blank Notes are non-negotiable instrument forever because Ginnie Mae who is suppose to be in physical possession of under UCC 3 in order for them to own the Notes, but the cannot by law purchase the debt that was attached to the Notes and the relinquishing separates the Note, debt and title (mortgage, deed of trust, security deed.

    Instead of modifying the loan for the 6.5%-&7.5% 30yr loan to a 2% 40yr loan saving the average borrowers on $125,000 over $400 per month, the properties are illegally foreclosed at the direction of Ginnie Mae who is the Kingpin of the RICO operation.

    It must be understood that Ginnie Mae who is in possession of the blank Notes has no authority to modify or foreclose because they cannot never purchase the debt and are not owed a single red cent and cannot call the loan due.

    Ginnie Mae want and get an illegally foreclosure to take place so that money is used to pay the investor and line Ginnie pockets and is why they are making money while everybody else (FHA, VA, Fannie, Freddie) are bailout out, as the lenders steal monies from the FHA Mortgage Premium Insurance & VA Guaranty Fund by submitting false claims against the federal government.

    Right now it already been discovered (from my information) that 800,000 application submitted to HAMP should have been modified but where foreclosed. What being done at this point about the 800,000 illegally foreclosures of these properties. We taxpayers are currently owned $24 billion including thee treble damage by all the lenders who foreclosed.

    Reporting half the news itself is a crime of ignorance.

  2. Charles Reed says:

    News Flash Americans you are being rip off in order to keep Ginnie Ma afloat because its got Mortgage Backed Securities that are worthless and is why FHA is losing money.

    Ginnie Mae is having illegal foreclosures take place by denying the modifications and taking the illegal proceed to hide the fraud!

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