The Federal Housing Administration, a government agency that insures mortgages, said Friday that it was taking steps to shore up its books and avoid a taxpayer bailout. An independent audit released on Friday projects that the agency’s expected losses will swamp its anticipated revenue, with a shortfall amounting to about $16.3 billion in its portfolio of insured home mortgages. That has raised the question of whether it will need an infusion of cash from taxpayers for the first time in its eight-decade history.
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