The US housing agency dedicated to catering to first-time homebuyers and borrowers with poor credit faces a $13.5bn deficit, stoking fears that it may have to request taxpayer funds for the first time in its history.
The Federal Housing Administration, created in 1934, eases mortgage credit by insuring lenders against borrower default. It is funded entirely by fees.
Full Story at Financial Times
Source: http://www.ny-agent.com/?p=4633
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