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To answer my own question it looks like the FHA is going to lose at least 500 billion dollars goosing the market.
http://www.forbes.com/2008/08/25/fha-housing-mortgages-biz-beltway-cx_jz_md_0826housing.html
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"http://www.hud.gov/offices/hsg/fhahistory.cfm
"Â FHA is the only government agency that operates entirely from its self-generated income and costs the taxpayers nothing. The proceeds from the mortgage insurance paid by the homeowners are captured in an account that is used to operate the program entirely. FHA provides a huge economic stimulation to the country in the form of home and community development, which trickles down to local communities in the form of jobs, building suppliers, tax bases, schools, and other forms of revenue."
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How can the FHA basically brag about insuring the loosest lending around and then not lose money?
#housing