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2012-12-04 — nytimes.com

Like Fannie Mae and Freddie Mac before it, the Federal Housing Administration is suffering in a mortgage hell of its own making. F.H.A. officials say they won't need taxpayers' help, but we've heard that kind of line before.

The F.H.A. backs $1.1 trillion of American mortgages and, by the look of things, it's in deep trouble. Last year, its mortgage insurance fund was valued at $1.2 billion. Today that fund is valued at negative $13.48 billion.

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