Vitter Introduces Bill to Reform Federal Housing Administration, Prevent Bailout

Washington, D.C. – December 16, 2011 – (RealEstateRama) — U.S. Sen. David Vitter has introduced a bill to reform the Federal Housing Administration by requiring its mortgage insurance fund to be recapitalized, and to prevent secret bailouts by the U.S. Treasury Department. Some reports show that FHA is on the brink of asking Congress for a taxpayer bailout of $50 to $100 billion.