HOUSING: Foreclosures And Fire Sales

Foreclosures And Fire Sales

The Federal Housing Administration was set up to help people buy homes. But in pursuing that popular mission, the agency seems to be rivaling the Internal Revenue Service in its ability to make enemies. The FHA's troubles stem from the depressed economic conditions in several parts of the U.S., especially in states like Texas and Colorado that have been hurt by the decline of energy prices. Last fiscal year alone, the FHA's parent agency, the Department of Housing and Urban Development, had to take possession of 64,800 homes because the owners defaulted on FHA-guaranteed mortgages. HUD has been auctioning many of...

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