As if we needed more proof of gross incompetence and failure by the Bush administration, details are emerging about HUD and the FHA that show just how poorly they were managed. Remember, the McCain economic team helped set up the housing bubble and will continue with business as usual. The GOP told the country that they knew how to run an economy, if only those pesky Democrats would get out of the way and let business do business. They did and this is the end result of letting business do as they please.
The Federal Housing Administration expects to lose $4.6 billion because of unexpectedly high default rates on home loans, officials said Monday.
Brian D. Montgomery, the F.H.A. commissioner, attributed the unanticipated losses primarily to the agency’s seller-financed down payment mortgage program, which has suffered from high delinquency and foreclosure rates in recent years.
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