Federal housing agency will draw $1.7 billion from Treasury to cover reverse mortgage losses

  • by: ANDREW MIGA , Associated Press
  • Updated: September 27, 2013 - 1:10 PM

WASHINGTON — A federal housing agency said Friday it needs a $1.7 billion bailout from the Treasury to cover projected losses in its reverse mortgage programs which allow seniors to borrow against their homes for everyday living expenses.

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