FHA getting $1.7 billion bailout from Treasury today (Congress, generation, money)

[HappyTexan]

The FHA needs a bailout due to massive losses ($5 billion) on its reverse mortgage program and failure to keep
They are going to withdraw $1.7 billion from the Treasury today. They have to do it before Monday.
Even with $16 billion in losses so far the FHA expects to turn the corner any day now


FHA to Draw $1.7b From Treasury to Cover Losses - ABC News
A federal housing agency said Friday it needs a $1.7 billion bailout from the Treasury to cover projected losses in a mortgage programs for seniors.
..
Federal Housing Administration Commissioner Carole Galante told Congress in a letter that her agency will withdraw the money from the Treasury before the fiscal year ends Monday. Congressional approval is not required. The cash infusion is the first in the agency's 79-year history.

[Ponderosa]

Deadbeat boomers. Garnish their social security.

[HappyTexan]

Originally Posted by Ponderosa

Deadbeat boomers. Garnish their social security.

Nope..the boomers don't have the numbers.
This would be the Silent Generation my friend.

$5 billion in losses for the old folks but $11 billion in losses for the rest of Americans with FHA loans.