The Federal Housing Administration is in deep trouble. According to its 2012 annual audit report, the FHA’s economic value or capital position is negative $13.5 billion. For the fourth consecutive year, the FHA has failed to meet its congressionally mandated minimum capital standard of 2 percent or $23 billion. One in six FHA loans are delinquent 30-days or more, and this number is growing. These new findings should be cause for significant concern to Congress and taxpayers. Monitor FHA’s position here through Ed Pinto’s FHA Watch series and learn what needs to be done to right the FHA’s listing ship.