"The Federal Housing Administration is losing so much money on delinquent mortgage loans that its reserves will drop below the required 2% of loans, FHA Commissioner David Stevens told the Washington Post in a story published Friday. Stevens said the agency would announce steps on Friday to boost the reserves, without asking Congress to bail out the agency. The FHA will ask that banks take responsibility for losses due to fraud, he said. The FHA is now guaranteeing about 23% of new mortgages, up from around 3% in 2006." end http://www.marketwatch.com/story/fha-reserves-to-fall-below-required-level-2009-09-18