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They have the -- he's -- 115 million dollars is what the Federal Housing Administration could lose over the next thirty years.
Find in those findings following an investigation by the house oversight and Government Reform Committee.
-- what do you now Peter Barnes solved in Washington with more on that Peter.
Friday -- -- and the chairman of the committee is suggesting that this might have been a cover up.
By the FHA the trouble agency's most recent annual audit found -- had a thirteen point five billion dollar capital shortfall.
Because of older mortgages going bad can you say bail out possibly coming.
At the committee then went to the auditor itself for more information.
And discovered this stress test which showed the shortfall could be a 115.
Billion dollars it's the same stress -- that the Federal Reserve uses on banks to see how they would hold up and a severe economic downturn without.
40% drop in housing prices and that make sure they have enough capital to get through one.
FHA is still prepared.
To handle even a moderate recession anytime the next three or four years if that were to happen.
The taxpayers would face substantial losses maybe not a 115 billion but I certainly could see them in the fifty billion dollar range.
The FHA did this analysis on its own but they're not included and it's audit it's not required to do a stress test.
Committee chairman Darrell -- -- FHA commissioner over Pat -- -- latte last week and said quote documents and communications.
Clearly show that the FHA was determined.
To avoid disclosing.
The -- the stress test results the congress FHA did not respond to our request for comment but I sat.
Wants to interview -- on -- and other top officials at the agency about all of this thing in a commentary interest in time Peter thank you Peter Barnes and Washington were talking.
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