I was very hesitant posting a press release from a political office as this FHA problem was caused by banksters and politicians. However, the press release had some very good descriptions on what happened to FHA in the past 6 years. In a nutshell, some of the functions of the subprime private mortgage insurance industry were taken over by the FHA. That’s explains the reference to Countrywide Mortgage by Chairman Hensarling.
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