If today’s economy wasn’t already bad enough and the need to bail out entire countries rather than just banks didn’t strike enough fear into your heart, Congressional Oversight Panel chair Elizabeth Warren has some news for you: It’s about to get worse.
This should sound familiar: Growing losses on Federal Housing Administration-backed mortgage loans are prompting fears the agency will be next in line for taxpayer help, The Wall Street Journal says.
The Federal Housing Administration, hit by increasing mortgage-related losses, is in danger of seeing its reserves fall below the
Chadi Moussa is a man in trouble, The New York Times reports today. He is unable to afford the mortgage on his $2.24 California mansion – and yet ineligible for help under the Obama administration’s new housing plan.
From The Times:
“You give $25 billion to a bank, at
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