Monday, April 15, 2013

Obama budget projects $943-million bailout for key housing agency

Obama budget projects $943-million bailout for key housing agency

The Obama administration’s proposed budget projects the Federal Housing Administration will need a $943-million bailout this year to stabilize its shaky long-term finances.

The agency, whose mortgage insurance business increased dramatically during the Great Recession, is supposed to fund itself from premiums it charges homeowners.