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U.S. Lawmakers Worry That FHA May Be Setting Up Repeat Of Housing Bubble 2009-10-08 16:45:38 (18 weeks ago) Posted By: Intellpuke (Read 475 times || 0 comments) Submit to Digg     The percentage of loans back by the Federal Housing Administration that are delinquent or in foreclosure hit 8% at the end of June. Critics say borrowers don't have enough of a stake in keeping up with payments. In the wake of the mortgage meltdown, the Federal Housing Administration has emerged as a pillar of the still wobbly housing market - providing vital insurance that enables borrowers to qualify for loans with as little as 3.5% down. This year alone the agency has backed nearly 2 million mortgages worth at least $328 billion. It insured 21.5% of all new mortgages last year, up from fewer than 6% in 2007. Some lawmakers, however, worry that the FHA may be doing its job too well - enabling too many people with shaky finances to get loans, and in effect setting up a potential repeat of the housing bubble fueled in part by no-questions-asked subprime loans. Recent numbers appear to underscore those concerns. The percentage of FHA loans that are delinquent or in foreclosure climbed to nearly 8% at the end of June, from about 5.5% in early 2006, according to the Mortgage Bankers Assn. And in the weeks ahead, its reserves for loan losses are projected to slip below federally mandated limits. (story continues below) Make a donation today to remove the advertisments! This Story Has Been Archived. To read the full story in the archives, please make a donation. Log In Now Admin Functions Edit Story Email To A Friend Email this story to a friend: Your Name: Their Email:   Readers Comments Add your own comment. (Anonymous commenting now enabled.)

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