Issa and Bachus questioned HUD to provide a breakdown of FHA loan endorsements and defaults broken out by a range of categories, including credit score, loan -to-value, and loan product. They also questioned for all records and communications …
Originally posted here:
FHA Postpones Release of Audit As Bailout Worries Mount …
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What we do know, is that recently the Treasury formally gave itself unlimited bailout capacity as pertains to the GSEs, once again making the case that in the grand scheme of things Treasury and GSEs liabilities are essentially the same ..... The audit, released in November, found that the cash the FHA set aside to pay for unexpected losses had dipped to historic lows, well below the level required by law. As of Sept. 30, those reserves were estimated at $3.6 billion, ...