NPR's business news starts with more mortgage problems.
(SOUNDBITE OF MUSIC)
INSKEEP: Independent auditors released a report this morning, showing that the Federal Housing Administration is facing a shortfall from losses on the mortgages it insures. The Obama administration says it's going to take steps to prevent a taxpayer bailout.
As NPR's Ailsa Chang reports, the FHA has been struggling since the foreclosure crisis hit four years ago.
Voters in Washington and Colorado just approved measures legalizing marijuana for recreational use. But businesses that want to sell marijuana in those states will face a problem: No bank wants to do business with them.
I called several banks in Washington. I called a local credit union, a tiny bank in the San Juan islands. Everybody said basically the same thing. Even if selling marijuana is legal under state law, it's still illegal under federal law. And banks and credit unions worry that this could get them in trouble.
Whenever there's a disaster, people want to give, and Hurricane Sandy is no exception. According to The Chronicle of Philanthropy, U.S. charities collected more than $174 million in donations as of Nov. 9 to help respond to the storm.
But it's not only money that has been pouring in. Relief programs have also received mountains of clothes, food and other supplies, not all of which are needed.