Yet Another Obama Cover-Up:

 FHA Bailout Fear

For years, the administration has denied FHA troubles. But emails reveal it not only knew of them, but also withheld evidence of projected insolvency from Congress.

Under Obama, the Federal Housing Administration has increasingly backed new home loans to so-called rebound borrowers who recently defaulted on past mortgages.

The agency is letting lower-income borrowers get loans just three years after foreclosure with as little as 3% down and subprime-low credit scores. In fact, 40% of newer FHA-backed loans are subprime.

The risky lending has led to higher delinquencies. Now at 17%, delinquencies on FHA loans are so high the administration has extended the grace period for repayments on troubled loans to a full year.

Last year, the FHA secretly conducted a Fed-style stress test that found agency losses could hit $115 billion. Because the results were politically embarrassing, FHA chose to not disclose them. The agency even directed its outside auditor to leave the fact that such a test had been performed out of a report released to the public in November.

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