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HUD has over 3 times the amount of required reserves it needs but won’t lower MI. Why not? Probably because they’re bracing for that wave of foreclosures we’ve been talking about over here at the NREP for months now. It’s all coming to a head and there’s going to be some real damage to the housing industry, it’s just a matter of time. The head of HUD is no fool and he sees the writing on the wall. What do you think? Let us know in the comments below.

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