It has been two years since the private-label mortgage market collapsed and the Federal Housing Administration's resurgence started. Almost immediately, some members of Congress, the press and even mortgage industry executives were concerned that the FHA would become the new subprime "dumping ground" exposing the American taxpayer to billions of dollars of losses.

Now two years later, the latest round of data and analysis by its outside auditor show that the FHA is financially sound and unlikely to need any government assistance (barring an unexpected economic downturn that would adversely affect the performance of all mortgages).

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