FHA (In)Secure

In a press release Friday, U.S. Housing and Urban Development Secretary Steve Preston bragged that his agency had helped more than 325,000 American families refinance into affordable mortgages since the housing crisis began.

Specifically, Preston cited the success of the FHASecure program intended to help borrowers who missed mortgage payments. But according to data from the Federal Housing Administration, which oversees FHASecure, the number of delinquent borrowers Uncle Sam helped narrowly escape foreclosure is closer to 4,000.