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Old 11-15-2012, 04:01 AM
12,869 posts, read 13,740,584 times
Reputation: 4453


Originally Posted by 415_s2k View Post
The hemorraing started under the Bush Administration. The effects were unprecedented and wide-reaching.

Why is this so difficult for some people to understand?
well, this is new, under obama

The Federal Housing Administration (FHA) is said to report later this week that it has exhausted its reserves and might have to resort to taxpayer funds for the first time in 78 years, according to The Wall Street Journal's Nick Timiraos.

The FHA insures lenders against losses but is said to have been hit by rising mortgage delinquencies.
The WSJ reports that the FHA guarantees fewer mortgages than Fannie Mae or Freddie Mac but now has "more seriously delinquent loans" than both.
From the WSJ:

"Overall, the FHA insured nearly 739,000 loans that were 90 days or more past due or in foreclosure at the end of September, an increase of more than 100,000 loans from one year ago. That represents around 9.6% of its $1.08 trillion in mortgages guarantees.
The FHA's annual audit estimates how much money the agency would need to pay off all claims on projected losses, against how much it has in reserves. Last year, that buffer stood at $1.2 billion, representing around 0.12% of its loan guarantees. Federal law requires the agency to stay above a 2% level, which it breached three years ago.

another bailout coming in this excellent economy. whoopee!!!!

people voted for more of this? yes, i believe that some did.
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Old 11-25-2012, 05:36 AM
Location: Georgia, on the Florida line, right above Tallahassee
10,474 posts, read 14,565,598 times
Reputation: 6379
Originally Posted by Harrier View Post
Oh yes - like the "hope and change" we had during the first two years of the Obama Administration - when the president and Democrat Congress doubled the debt, destroyed our credit rating, increased unemployment, and eroded our prestige in the world.

Yes - lets have four more years of that.

The only thing that kept us from a total meltdown is a Republican controlled House.

Thank goodness for the elections of 2010!
Romney woukld've handled it like GM. He's rich. Why would he care if Joe Blow lost his job. He'd just watch it all burn to the ground.
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