November 12, 2009 at 18:37 PM EST
Housing Agency Loses Most Of Its Safety Net
The Federal Housing Administration says its financial cushion has dipped to a dangerously low level but should remain above zero under "most economic scenarios." The agency, a major source of funds for first-time homebuyers, faces mounting concerns that it will need a taxpayer bailout as losses grow from homeowners who lose jobs and can't pay their mortgages. An independent audit being sent to Congress shows reserves for the fiscal year ending
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