FHA May Have Already Sustained Heavy Financial Losses, Ex-Fannie Official Tells House Committee
October 15, 2009
FHA officials reassured lawmakers that the program’s mutual mortgage insurance fund is not in danger of needing federal assistance, but several industry experts, including a former official at Fannie Mae, said the fund has already suffered huge losses. Edward Pinto, a real estate financial services consultant and former chief credit officer of Fannie Mae, said the FHA already has a...