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Financial Services Committee Announces Series of Hearings Focused on Looming Financial Crisis at FHA
Chairman Jeb Hensarling announced today that the Financial Services Committee will hold a series of hearings throughout the year that focus on the financially troubled Federal Housing Administration, the FHA's outsized role in the nation's housing finance system, and the need to create a sustainable mortgage finance system. The FHA's single-family insurance fund, which insures more than $1 trillion worth of home mortgages, has a negative economic value of $16.3 billion, according to an actuarial report released by the Department of Housing and Urban Development in November. This means that if the FHA stopped writing new business today, it could not cover the losses anticipated on loans it has already insured. "The FHA is broke bailout broke.
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