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Housing Agency's Cash Reserves Down Sharply

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LOOK, LET'S JUST TAKE WHAT WE HAVE LEFT AND PUT IT ON BLACK
"The Federal Housing Administration, the government agency whose loan-insurance programs have become a crucial source of support for the housing market, said on Thursday that its cash reserves had dwindled significantly in the last year as more borrowers defaulted on their mortgages," according to the New York Times. "As recently as a few weeks ago, the F.H.A. had said that even under the bleakest economic forecast, its cash cushion would quickly recover. On Thursday, it abandoned that position."
SOURCE:   New York Times

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