Congressman Randy Neugebauer (TX-19) issued the following statement in response to the annual audit released today by the Federal Housing Administration (FHA). The audit revealed a $16.3 billion deficit in the FHA's insurance fund.
"The FHA's report today is further proof that Congress needs to reform the government's role in the housing market," Congressman Neugebauer stated. "FHA should be using more standardized accounting practices to more clearly assess the risks it takes on. Taxpayers simply can't afford any more taxpayer bailouts like we gave Fannie and Freddie."