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The FHA insures about $1 trillion in home loans. The FHA and government-controlled Fannie Mae and Freddie Mac together back around 90 percent of new mortgages. Fannie and Freddie were bailed out by the government in 2008 during the financial crisis and have cost taxpayers about $170 billion, Sen. Tim Johnson, chairman of the Senate Banking Committee, said he was "deeply concerned" by the audit. The South Dakota Democrat said he will ask HUD Secretary Shaun Donovan at a hearing about what actions are needed to shore up the FHA's finances.
[Associated
Press;
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