Audit suggests Federal Housing Administration may need taxpayer funding as projected losses hit $16.
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License (according to Flickr): Attribution License
License (according to Flickr): Attribution License
The Federal Housing Administration's projected losses hit $16. 3 billion at the end of September, according to an independent annual audit to be released Friday, a much larger figure than had been forecast earlier. The report suggests the FHA will require taxpayer funding for the first time in its 78 years, though that won't be decided until early next year. Housing officials said late Thursday they would announce a series of steps on Friday to raise revenue and avert such a milestone. Those steps are likely to raise the cost of FHA-backed mortgages for future borrowers. The FHA is required to maintain enough cash to pay for projected losses on the $1. 1 trillion in loans that it guarantees. Last year, the independent audit said the FHA would have $2. 6 billion after covering estimated losses. But the latest forecasts show that while the FHA currently has reserves of $30.
Audit suggests Federal Housing Administration may need taxpayer funding as projected losses hit $16.
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Organization: Federal Housing Administration
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- deficit
- estimated losses
- federal housing administrations
- guaranteed resulting
- projected losses
- taxpayer
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Independent audit suggests the FHA will require taxpayer funding for the first time in its 78 years.
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Audit suggests Federal Housing Administration may need taxpayer funding as projected losses hit $16.
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