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FHA reserves fall below legal limit as loan defaults take toll

Posted: Friday, November 20th, 2009 @ 9:39 am by mick@sfresidence.com
Filed under: Foreclosure

Los Angeles Times - The Federal Housing Administration’s cash reserves have shrunk to a level far below what is required by law, and the agency could need taxpayer funding if worst-case scenarios play out, according to an independent audit.

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