FHA may require bailout, after all

Report: Defaults on bubble-era loans draining insurance fund

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A federal agency that insured more than half of all loans for first-time homebuyers last year may soon look to taxpayers to shore up its dwindling finances.

Throughout its 78-year history, the Federal Housing Administration has paid for itself through upfront and annual mortgage insurance premiums charged to borrowers. But next week the agency will issue an independent financial audit that may set the stage for the FHA’s first-ever draw from the U.S. Treasury, Bloomberg reports.