Housing - The "next Fannie Mae" could collapse soon

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The "next Fannie Mae" could collapse soon

Friday, October 09, 2009
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From Daily Crux Editor Brian Hunt:

Get ready for Fannie Mae, Part II. This time, the star will be the Federal Housing Administration (FHA), the government agency behind $675 billion of mortgages… many of which required tiny down payments from shaky borrowers. Over 7% of its mortgages are now in default.

Edward Pinto, a former Fannie executive, says of the agency: "It appears destined for a taxpayer bailout in the next 24 to 36 months."

Of course, FHA commissioner David Stevens says it's unlikely his agency will need a bailout. Which, of course, means it will.

Read full article...

More on housing:

The most sobering take on housing you'll read this week

The worst thing George Bush did to cause the housing crisis

Millions of "shadow" foreclosures threaten another big drop in home prices

Topics:		Housing \| Bailout \| Cruxallaneous

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