F.H.A. Faces $4.6 Billion in Losses
So the Federal Housing Administration is the latest victim of the housing bust. If they weren’t a government agency, they might actually be bust.
The projected loss is the highest in the home loan program since 2004, and officials said the F.H.A. had to withdraw $4.6 billion from its $21 billion capital reserve fund in May to cover the costs. They said the agency, which is self-sustaining, would not need appropriations from Congress to remain solvent.
–The New York Times, 10 Jun 2008