FHA Subprime Default's at 9% in California

The Obama Administration’s Office of Management and Budget estimated in October 20111 that FHA's $4.7 billion capital reserves will be wiped out this year, forcing FHA to seek at least $700 million bail-out from the U.S. Treasury. Americans are justifiably angry at being required to bail-out the banks’ irresponsible sub-prime lending. Think how angry they are going be this election season, when they have to bail-out the government’s irresponsible sub-prime lending.

                                .......................... Chriss W. Street