The Federal Housing Administration, facing losses of $5 billion related to its reverse mortgage program this fiscal year, is planning to withdraw $1.7 billion from the U.S. Treasury to help balance its books before fiscal year 2013 ends on Monday, Federal Housing Administration Commissioner Carol Galante told the U.S. Congress in writing today.

Congress does not need to approve the withdrawal, according to ABC News.

Source: ABC News

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Thank you for subscribing to Morning Headlines.
Back to top
We've updated our terms of use.Read them here×