F.H.A. may need a bailout

According to a story in the New York Times, the F.H.A., the backbone of the Federal government's housing program is running low on cash.

Chances are nearly 50 percent that the Federal Housing Administration will need a bailout next year if the housing market deteriorates further, the agency’s independent auditor said in a report released Tuesday.

With the amount of cash on hand about 50% less than last year, the F.H.A. may have to call on the central government to replenish its accounts. All due, of course, to the housing crisis and the number of defaults in F.H.A. related mortgages. Stay tuned.

Read the full story here.

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