The Federal Housing Administration will likely need a $943 million taxpayer bailout in the next fiscal year to cover losses stemming from defaults on loans made both during and after the housing boom, according to a 2014 budget proposal released by the Obama administration today.
If required, the bailout would be the first in the federal agency’s 79-year history. The FHA has been hard-hit by defaults from housing bubble-era loans made from 2005 through 2008, with future losses estimated at $70 billion for loans made in 2007, 2008 and 2009 alone.
When Fort Worth, Texas-based broker Greg Fischer decided to build a new website this year for his firm, he chose to leave search out of it.
The search technology available for his site was not good enough, cost too much and didn’t offer enough return on investment, Fischer said. Plus, his value as an agent had to do with relationships, not search, he said.
“Why would I dilute my brand in delivering subpar search?” Fischer said. “If I had Trulia’s search platform, I’d reconsider.”