Law360, New York (December 06, 2012, 3:12 PM ET) -- Several Republican senators on Thursday attacked the U.S. Department of Housing and Urban Development's allegedly inadequate response to bad loans on the Federal Housing Administration books, in the wake of a threatened bailout over a $16.3 billion shortfall in the agency's reserves.
The attack came as senators grilled Housing and Urban Development Secretary Shaun Donovan as part of a Senate Banking, Housing and Urban Affairs Committee hearing on the FHA's financial challenges, brought to light by the Nov. 16 release of an external audit showing the...
GOP Sens. Attack HUD Response To FHA Reserve Shortfall
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