RJ and Makay

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The Federal Housing Administration (FHA) may require a Treasury Department cash infusion for the first time in its 78-year history, according to a budget projection report released today.  The agency, which has become a major source of financing for home purchases since the housing crisis four years ago, burned through much of its reserves this past year as defaults mounted on loan guarantees.

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This past Friday, the Federal Housing Finance Agency (FHFA) filed lawsuits against 17 of the world’s largest financial institutions, claiming that they sold $196 billion of risky home loans to Fannie Mae and Freddie Mac, during a four-year span, without adequately disclosing the risks.  The move by the top federal housing regulator is the most sweeping action to date since the mortgage meltdown of 2008 that imperiled the nation’s financial system and led to a deep recession.

In an odd trend that has persisted for several years now, consumers have been keeping up with their credit card payments even when they're behind on their mortgage, says credit reporting firm TransUnion.

Among consumers with a mortgage and at least one credit card in the fourth quarter of 2010, 7% were 30 or more days late on the mortgage but current on their credit card, TransUnion reports. That rate was about 4% in the first quarter of 2008, when the trend first appeared nationally.