http://problembanklist.com/congress-moves-to-prevent-fha-collapse-with-fha-emergency-solvency-act-0480/

Have not had a moment to do more research, but it stands to reason that if millions of conventional loans are in default then there are millions more that are insured by HUD that are in default.  As was stated in the article, if the same guidelines were being used to determine the viability of FHA as are used to determine the viability of conventional lenders the FHA would have to be shut down as a preventative measure. 

It would not surprise me to learn of yet another bail out in the very near future.