We learned this past week that the Federal Housing Administration may need you to pull harder. The FHA will issue its annual report this week, but, a soon to be released study by Joseph Gyourko, a real estate and finance professor at the Wharton School, suggests that the FHA will incur about $50 billion in losses over the next several years. Read more
This is a story Ed Morrissey caught at Hot Air and he is right, ABC News buried the lead but then again, that does not surprise me. The story concerns those no-doc loans that got the economy in trouble in the first place. You know, the loans that the government insisted bankers make, and gleefully backed then with the assurance of Fannie Mae and Freddie Mac. Well they are back.