Federal housing administration struggles as defaults rise
The Federal Housing Administration used to be a little-known government agency before the housing meltdown. But when Fannie Mae and Freddie Mac collapsed, the FHA started backing more and more loans to homeowners. Now, a growing number of borrowers are defaulting on loans backed by the FHA ? and some are wondering if the FHA itself might soon need a bailout.
We find out how the agency is trying to weather the storm created by increased lending. We also get a first-hand look at how the housing crisis is affecting Cleveland, Ohio.
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