FHA calls itself 'outdated' - ready to join the 21st century

[mEDITate-OR:
not feel as "outdated" as you probably are...
whether you like it or not.

However, what you NEED to know/remember is that after July 08, when the RE mortgage market collapsed, what FHA did was enroll a huge number of new mortgage originators, without any controls.

Then FHA expanded from less than 5% of the RE market to now over 25%.
Why..., bcuz the scumbags who WERE doing subprime and liar ARMs switched over to creating FHA low down payment RE loans.

Guess what..., the number of problem RE loans at FHA did exactly what they did at FMae&Fmac..., they exploded.
So..., the numbers on this chart are LOW...
but, better luck this year.

Go figure...
how much that is gonna cost U.S.
{that is not a question...}
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Street Sweep

Following the money in banking and economics

JUNE 18, 2010, 3:09 PM

FHA calls itself 'outdated'

The Federal Housing Administration is ready to join the 21^st century -- and not a moment too soon.

For instance, ...the agency's loan-level reviews "lack the detail necessary to swiftly and efficiently identify loans that have the potential to result in delinquency, default and/or foreclosure.

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