- Apr 15, 2007
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http://www.bloomberg.com/apps/...01087&sid=aOmu318hOZr4Oct. 8 (Bloomberg) -- The Federal Housing Administration, which insures mortgages with low down payments, may require a U.S. bailout because it has $54 billion more in losses than it can withstand, a former Fannie Mae executive said.
?It appears destined for a taxpayer bailout in the next 24 to 36 months,? consultant Edward Pinto said in testimony prepared for a House committee hearing in Washington today. Pinto was the chief credit officer from 1987 to 1989 for Fannie Mae, the mortgage-finance company that is now government-run.
What do ya know, another program designed to help people buy houses that shouldn't be buying houses in the first place is going bankrupt. Thanks government!
Fannie Mae - bankrupt - thanks government
Freddie Mac - bankrupt - thanks government
Medicare - bankrupt - thanks government
FDIC - bankrupt - thanks government
Post Office - bankrupt - thanks government
Social Security - bankrupt - thanks government