Rising FHA default rate portends wave of new foreclosures

Any guess who’ll pay for those?

3 Comments

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3 responses to “Rising FHA default rate portends wave of new foreclosures

  1. Anonymous

    just waiting for the obama administration to require that the mortgage payments for all over-extended borrowers [other than white males] be reduced to a number acceptable to the borrower. probably, there should be a requirement that the payment be larger than zero, but i wouldn’t bet on that.

  2. Value in Greenwich

    ….in the small print……”But Ann Schnare, a former Freddie Mac official, said the situation could be even worse. She said the audit underestimates future losses because it does NOT (NOT NOT NOT) take into account all loans that are now overdue, only those that the FHA has paid claims on.”

    Audit..audit…if they audited the stuff that was coming in from these fine lenders, they wouldn’t be in this situation….

  3. foobar

    I just hope you weed out from the hysteria that the bulk of the foreclosures are absolute dreck located in the usual suspect areas. Entire developments in FL AZ are fore sale, etc. etc. Things are not going to get better there anytime soon.