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September 19 (LPAC)—The Federal Housing Administration (FHA) is rapidly running out of money, as a direct result of its role in the bailout of the imperial monetary system. The agency is being used to guarantee mortgages, as a way of propping up the values of mortgages and the securities backing them. So far this year, the FHA has guaranteed 23% of the home loans made in the United States, up from about 3% in 2006.

By law, the FHA is required to hold reserves equal to 2% of the mortgages that it guarantees, and the agency is in danger of violating that limit as of Oct. 1, FHA Commissioner David Stevens told the Washington Post. To build up its reserves, the agency may need to turn to Congress for a bailout, though Stevens insists that "We are absolutely not going to Congress and asking money for the FHA. We're not going to need a special subsidy or special funding of any kind."

Brave words, indeed, Mr. Stevens. Given the way the economy continues to collapse, you're going to have to eat them.