FHA Is The New Countrywide?

Countrywide Financial Mortgage wrote a lot of risky loans. The loans often required little down and were made to borrowers with low credit scores. Consequently, lots of these homes went into foreclosure. Bank of America took them over, but as their former CEO, Ken Lewis stated, "It was the worst decision we ever made". These toxic loans have continued to cause problems with Bank of America. You'd think then after government officials have called for tighter lending that we wouldn't be seeing these problems again. Not so. As foreclosure rates in general have been tapering off, FHA loans are seeing rising foreclosure rates.