That's bad news for California ...Los Angeles Times - Tax-free municipal bonds are going begging for buyers as the credit crunch roils yet another corner of the financial markets. With those companies reeling from losses on mortgage-backed bonds they insured, some ... FHA is the Federal Housing Administration. As part of the U.S. Department of Housing and Urban Development (HUD), one of the chief purposes of the FHA is to help people obtain financing for their homes.