|Targeted News Service|
"This is incredibly disappointing," Neugebauer said. "From testimony and reports to our committee, we knew the FHA was beyond broke. Now we know it's even beyond its own estimation of bailout broke. I'm shocked to find out now that the FHA will require nearly double the amount they projected. Unfortunately, the Administration is losing credibility on this issue."
Neugebauer is an author of the Protecting American Taxpayers and Homeowners (PATH Act) (http://financialservices.house.gov/news/documentsingle.aspx?DocumentID=342165), which would return FHA to sound financial footing, thereby protecting taxpayers from costly bailouts like this.
"How many more taxpayer bailouts will it take before the Administration admits that the FHA's current business model is no longer solvent?" Neugebauer asked. "This news is a clear sign that we must act quickly to reform the FHA, or taxpayers will be paying the price again and again."
TNS 30VitinMar-131001-4505784 30VitinMar
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