"The results of the F.H.A.'s annual audit showed the agency's capital reserves to be 0.53 percent, far under the 2 percent minimum mandated by Congress. A year ago, the capital reserves were 3 percent.
'They're running on empty,' a consultant, Ann Schnare, said. 'It all depends how long it takes housing to recover.'
Other critics were less sure that the agency's coffers would not need replenishing."