The FHA’s total capital resources fell slightly during the fourth quarter of 2011, even while the rate of serious delinquencies edged higher, according to a quarterly report released this week. The FHA Mutual Mortgage Insurance Fund had $33.3 billion in total capital resources as of the end of December, down from $33.7 billion at the end of September. While the report does not cover the program’s capital ratio – a minimum level of reserves set by Congress that the program has failed to reach over the past two fiscal years – it’s likely that the FHA may have slipped further behind. The agency...