American Banker-
Battered by defaults on loans it insures, the Federal Housing Administration is expected to tap the Treasury Department for $1 billion to $1.5 billion to plug a budget shortfall, according to three people familiar with the agency’s finances.
The FHA is expected to ask for the funds at the end of the month, the sources said. If it does, it would be the first time in its 79-year history that the agency needed a bailout from the Treasury.
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The scam is bigger than $1.5 billion and this is actually about the larger $70 billion lost only announced after the Nov 2012 conveniently. However it was not until HUD Secretary Donovan was grilled in Dec in front of Congress that just how screwed up the FHA was revealed.
However this issue as to the Ginnie Mae Mortgage Backed Securities being a Ponzi Scheme as all the 700,000 loan not process through the “President Making Home Affordable” because Ginnie Mae was holding the blank Notes is the covered up fraud!
Why does the united states government fall for it over and over. These people who run this country are a bunch of dumb people. How can they give these fraudsters a dime. They should be putting them behind bars not giving them millions of dollars.