3 votes

Detroit's $300M bailout a distraction; FHA also gets $1.7B bailout today

[$2B will be magically created out of thin today. Why doesn't that feel good?]
FHA to Draw $1.7b From Treasury to Cover Losses
WASHINGTON September 27, 2013

A federal housing agency said Friday it needs a $1.7 billion bailout from the Treasury to cover projected losses in a mortgage programs for seniors.

At issue are reverse mortgage programs, which allow seniors to borrow against their homes for everyday living expenses.

Federal Housing Administration Commissioner Carole Galante told Congress in a letter that her agency will withdraw the money from the Treasury before the fiscal year ends Monday. Congressional approval is not required. The cash infusion is the first in the agency's 79-year history.
The cash infusion from the Treasury is about twice as much as the Obama administration projected would be needed in April. Obama's fiscal 2014 budget request said the FHA would probably need $942 million.

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DJP333's picture

BUMP, stories like this

make me want to pull my hair out while going into a cursing fit. Son of a motherless goat!! What the heck are these guys doing? I have to agree, shut the f-kin government down, now. For some kind of hope and sanity I need to watch T&H's new video again...


“In a time of universal deceit, telling the truth is a revolutionary act.”
"Gold is the money of kings; silver is the money of gentlemen; barter is the money of peasants; but debt is the money of slaves."

Cyril's picture

I'm telling ya... They are RELENTLESS

I'm telling you : socialists are RELENTLESS when it's about taking AND WASTING** ever increasing amounts of tax payer money.

I 've seen it done for 30 years in my country, mind you. Duh.

Why the heck do you think I express myself about being so often pissed off with the same FREAKING deja vu?!


You gonna love it, Amerika.

(** when it's not downright for their own pockets' sake, of course. Meh, they have bills and cars and stuff of their own at home to pay off, too, ya know...)

"Cyril" pronounced "see real". I code stuff.


"To study and not think is a waste. To think and not study is dangerous." -- Confucius

I'm sorry but

I had to laugh. I was always a sucker for slap stick comedy. This has to be the largest troupe of disfunctional, so called educated people ever I've witnessed in my lifetime.

On some great and glorious day, the plain folks of the land will reach their heart's desire at last and the White House will be occupied by a downright fool and complete narcissistic moron.

SteveMT's picture

They are also the biggest crooks in history.

These people are diabolically dysfunctional, and you are right, this is slap-stick comedy. The joke however is on us.