Gretchen Morgenson: In an F.H.A. Checkup, a Startling Number

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Gretchen Morgenson: In an F.H.A. Checkup, a Startling Number

Gretchen Morgenson: In an F.H.A. Checkup, a Startling Number

The government saw this coming from the warning signs many years ago. This is a complete farce that they didn’t put a stop to this fraud.

NYT-

DO we have another Fannie or Freddie on our hands — another mortgage giant headed for a rescue?

Like Fannie Mae and Freddie Mac before it, the Federal Housing Administration is suffering in a mortgage hell of its own making. F.H.A. officials say they won’t need taxpayers’ help, but we’ve heard that kind of line before.

The F.H.A. backs $1.1 trillion of American mortgages and, by the look of things, it’s in deep trouble. Last year, its mortgage insurance fund was valued at $1.2 billion. Today that fund is valued at negative $13.48 billion.

[NEW YORK TIMES]

But get this, John Carney from CNBC says it’s more like $31 Billion!

Deep in the auditors report, on page 62, it reveals that under this scenario—the scenario anticipated by the Fed itself—the economic value of the fund would fall an additional $17.58 billion, for a negative $31.06 billion. The fund’s value stays negative until 2015, when rates are expected to climb again.

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4 Responses to “Gretchen Morgenson: In an F.H.A. Checkup, a Startling Number”

  1. Charles Reed says:

    Ms. Morgenson is getting close to connecting the dots, don’t she must over come her prejudice of people who have taken FHA loan in order to crack this case.

    What everybody is missing is that with the FHA you got a the fix rate loan with a built in streamline finances that should have taken care of a bunch of folks to lower the interest rate lower with having to re-underwrite the loan or have a new appraisal.

    Next what must be understood in what I been saying is that there was not a single FHA loan that could be foreclosed even when after these loan were place in the Ginnie Mae pools. The reason you got all these foreclosure in the FHA program is because the America people have been hoodwinked into these folks allegedly purchasing more house than they could afford as if the FHA product was a subprime adjustable rate mortgage loan base on a stated income.

    So now with the help of President Obama wide brushing of the housing crisis which promoted a misconception of the Federal Governments owns loan products, that allowed 800,000 government loans (700,000 FHA) to be faked as if they were process for a HAMP modification.

    American were only to happy to now sit back while their properties were being destroyed because the citizen customers in FHA, VA & USDA we have let the Ginnie Mae run a RICO scheme were the banks/servicers were illegally claiming that they were the owners of a debt that they did not clearly own, and administratively foreclose on the 800,000 properties plus submit and receive a False Claim against the Federal Governments insurances.

    Can you say screwed?

    Instead of the taxpayer having this debt of $31 billion, we are owed $284 billion from the crime by lenders/servicers!

  2. Sarah says:

    Unfortunately, Gretchen can’t quite bring herself to say the money that “the taxpayer” is owed is with the Banksters. Same goes for her co-writer Josh, they love to scold Fannie, Freddie and now the FHA, but refuse for the most part to scold, admonish or be honest about the Banksters.

  3. Charles Reed says:

    Sarah you are absolutely about Gretchen she just cannot bring herself to lay the blame where it is deserved. It amazing this late in the day and financial experts don’t understand the game that been played by Ginnie Mae.

    The best example are the properties foreclosed by Wells Fargo Bank of the Washington Mutual Bank Ginnie Mae mortgage backed securities place loans.

    This is Bernard Madoff on steroids!

    We is are $264 billion thee taxpayers are owned?

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