David Rosenberg: Get Ready For The FHA To Go Completely Bust
We've mentioned before that the FHA seems to have no idea how bad things are going to get for its portfolio of mortgage insurance and is adopting completely inadequate reforms to protect against looming disaster. Of course, the FHA can never really go broke. Ultimately, the FHA is backed up by the full faith and credit of the United States government. Which means that we're all on the hook for the FHA's mistakes.