Garrett: FHA Report Proves Conforming Loan Level Increase is Reckless

November 16, 2011 – (RealEstateRama) — Rep. Scott Garrett (R-NJ), Chairman of the Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, issued the following statement today after an independent audit of the Federal Housing Administration (FHA) revealed that the housing agency’s cash reserves are down 45% from last year and the “chance that future net losses on the current, outstanding portfolio could exceed current capital resources is close to 50 percent,” which could necessitate a taxpayer bailout next year