House Panel Probes FHA After Learning Losses Could Reach $115B

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House Panel Probes FHA After Learning Losses Could Reach $115B

House Panel Probes FHA After Learning Losses Could Reach $115B

They have known about FHA loses and fraud against the taxpayers for a very long time.

Anything and I mean anything attached to banks is a PONZI! Look at the paper and you will see fraud all over them.


American Banker-

The House Oversight Committee is pressing the Federal Housing Administration for more details on its financial picture after learning that the insurer’s unfunded liability could potentially be nearly nine times higher than it previously disclosed.

A stress test found that the FHA’s losses could be as high as $115 billion under “severe economic circumstances,” according to a letter sent by Rep. Darrell Issa, R-Calif., chairman of the House Committee on Oversight and Government Reform, to the federal mortgage insurer late last month. The FHA had previously stated that the tests showed a potential liability of $13.5 billion.

 [AMERICAN BANKER]

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