Relevant:
- House shoppers find FHA loans cost more
- Corruption: Big Banks Using "Silent Subs"?
- The incoming bailouts for the government mortgage complex and student debt markets -- 15 percent of FHA insured loans are 30+ days delinquent
- FHA bailout inches closer -- FHA defaults surge 26 percent while upping mortgage insurance premiums to make loans more expensive. Foreclosure starts outnumber foreclosure sales 3 to 1.
- F.H.A. Audit Is Said to Show a Shortfall in Reserves
2012-08-23 — doctorhousingbubble.com
There is a new subprime kid on the block. FHA insured loans are now the low product on the mortgage totem pole. While products guaranteed by a bank's own internal balance sheet have improved, FHA insured loans are falling apart quickly. Today 1 out of 6 FHA insured loans are delinquent. What this tells us is that banks are willing to collect closing cost fees and dump risks onto the taxpayers while making sure their own ship is tight for their loans. This is a similar story to Alt-A MBS products being put together and quickly sold off to unsuspecting global investors. FHA is inching closer to a bailout
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