“What’s the problem at the FHA? It’s almost out of money. But what about all those loans it made? Too many of them have gone bad. Sorry about that. For four years, the FHA has assured Congress that this was not a problem. Sorry about that. What will Congress do about that? Hand out our money, of course. Congress will blame the FHA for making all those bad loans. It will blame the FHA for having misinformed Congress. Then it will reward the FHA to the tune of about a billion dollars. Lesson: nothing succeeds like failure.”
http://teapartyeconomist.com/2013/04/11/another-federal-housing-bailout-fha-needs-943-million/
