WHO: The Federal Housing Administration
WHAT: After helping inflate the housing bubble by backing low-down-payment loans on houses, the FHA is back at it again — and now it is so dangerously short of cash that it might require a federal bailout.
WHY IT’S AN OUTRAGE: Because of defaults, the reserves have shrunk to $3.6 billion — about one-fourth of what the agency is legally required to save against future loans going bad.
WHERE TO VENT: Call the secretary of housing and urban development at 202-708-0417.
