Record U.S. Housing Bailout: The government will...
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From Times Staff and Wire Reports
Record U.S. Housing Bailout: The government will take over a luxury high-rise development in Chicago that borrowed almost $159 million in federally backed money in what officials called the biggest-ever bailout in the Federal Housing Administration’s mortgage insurance program. U.S. housing officials and developers of the financially troubled Presidential Towers apartments failed to meet an Oct. 1 deadline to agree on a proposed $16-million loan to help the project stay solvent, both sides said.
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