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U.S. markets recover from steep losses
WASHINGTON, Nov. 13 (UPI) -- The U.S. Secretary of Housing and Urban Development said defaulting loans have the Federal Housing Administration in a "real risk" of depleting its reserves.
"There is a real risk. Nobody has a crystal ball. We recognize that there is a possibility that the reserves go below zero and stay there," said HUD Secretary Shaun Donovan in an interview with The New York Times.
The FHA was involved in 20 percent of new U.S. mortgages in the past 12 months and has been predicted in a federal audit to run out of money -- worst case scenario -- in 2011, the Times said.
The mechanism already exists for the FHA to borrow money from the Treasury. Donovan said, "there is no extraordinary action that Congress or anyone else needs to take."
The audit said the FHA may need to borrow $1.6 billion, a hefty sum, but small compared to other bailouts in the past year.
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ERBIL, Iraq, May 24 (UPI) --
Plans for Iraq's semiautonomous Kurdish enclave to build an oil pipeline to Turkey points to a major political and economic realignment in the Middle East that will impact heavily on Iraq.
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OTTAWA, May 24 (UPI) --
A planned shakeup in the command structure of Canada's 68,000-strong armed forces will save costs and also respond to criticism of government performance over the planned Canadian acquisition of the Joint Strike Fighter program.
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First-time buyers are driving the expectations that a recovery has begun. Their numbers and market share are growing despite financing roadblocks and competition with investors for entry-level homes. ...
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It is a whole new ball of wax in Europe these days.
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