Federal Housing Administration close to exhausting reserves – close to drawing on taxpayer funding for the first time ever

obamas_fly_2Another historic Obama accomplishment is about to happen. According to the Wall Street Journal, The Federal Housing Administration is expected to report later this week that it could exhaust its reserves because of rising mortgage delinquencies. This means Federal Housing Administrationat will need to draw on taxpayer funding for the first time in its 78-year history.

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