"The Federal Housing Administration is losing so much money on delinquent
mortgage loans that its reserves will drop below the required 2% of loans, FHA
Commissioner David Stevens told the Washington Post in a story published
Friday. Stevens said the agency would announce steps on Friday to boost the
reserves, without asking Congress to bail out the agency. The FHA will ask
that banks take responsibility for losses due to fraud, he said. The FHA is now
guaranteeing about 23% of new mortgages, up from around 3% in 2006." end
http://www.marketwatch.com/story/fha-reserves-to-fall-below-required-level-2009-09-18
mortgage loans that its reserves will drop below the required 2% of loans, FHA
Commissioner David Stevens told the Washington Post in a story published
Friday. Stevens said the agency would announce steps on Friday to boost the
reserves, without asking Congress to bail out the agency. The FHA will ask
that banks take responsibility for losses due to fraud, he said. The FHA is now
guaranteeing about 23% of new mortgages, up from around 3% in 2006." end
http://www.marketwatch.com/story/fha-reserves-to-fall-below-required-level-2009-09-18