By Bob Ivry

The White House submitted a budget plan to Congress this year that would have provided the FHA as much as $688 million from the U.S. Treasury , the first bailout in the agency’s 78- year history. The money wasn’t needed because the FHA will get almost $1 billion from the government’s $26 billion settlement with the five biggest U.S. mortgage servicers over alleged foreclosure abuses, according to Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, which oversees the FHA. Mortgage servicers collect monthly payments and manage the foreclosure process.

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