Home › News ›

FHA Feeling the Pinch

Posted by: Alek Miller

13 November 2009 - 5:00am

The Federal Housing Administration said today that its reserves are dwindling because of risky loans they insured and the drop in home prices.

"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."

Full Story: Housing Agency Says Cash Reserves Are Down Sharply
Source: The New York Times, November 12, 2009
»
Bookmark and Share
“
New Suburbanism is not a new design paradigm that seeks to compete with or discredit principles of New Urbanism. Instead, our perspective represents a broad-based attempt to find the best, most practical ways to develop and redevelop suburban communities.
”