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FHA to raise cost of loans next month

The Federal Housing Administration plans on Sept. 7 to raise the cost of loans backed by the agency in an effort to strengthen its cash-strapped balance sheet.

The move follows Senate approval this week of a bill to allow the FHA to nearly triple the annual fees it charges borrowers, though the FHA plans more modest increases at first. The HouseĀ  had approved its version and President Barack Obama is expected to sign the bill this month. Get the full story »