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U.S. Lawmakers Worry That FHA May Be Setting Up Repeat Of Housing Bubble 2009-10-08 16:45:38 (47 weeks ago) Posted By: Intellpuke (Read 559 times || 0 comments) 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) Your Ad Here 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 This Story Has Been Archived.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:   Related Stories (βeta) Home Foreclosures Reach Record High 2007-06-14 13:14:22 (Score: 73) 1 In 10 Americans Behind On Mortgage Payments Or In Foreclosure 2008-12-05 15:33:38 (Score: 62) More Than 11 Percent Of Mortgages Delinquent Or In Foreclosure 2009-03-06 00:05:31 (Score: 58) U.S. Prime Mortgages Going Bust At An Alarming Rate 2010-05-20 13:55:56 (Score: 58) Fannie Mae, Freddie Mac Halt Foreclosures Until After Holidays 2008-11-21 14:13:22 (Score: 58) U.S. Home Foreclosures Set New Record In 1st Quarter 2008-06-05 14:51:37 (Score: 57) New U.S. Mortgage Foreclosures Set Record 2007-09-06 14:11:08 (Score: 56) U.S. Home Foreclosures Hit Record High 2008-03-06 14:48:39 (Score: 53) Despite Modifications, U.S. Home Loan Defaults Are High 2009-04-03 15:00:57 (Score: 52) About Half Of U.S. Mortgages Seen Underwater By 2011 2009-08-06 16:08:49 (Score: 51) U.S. FHA Seeks $800 Million From Congress To Cover Losses 2009-05-08 10:13:53 (Score: 51) U.S. Senate Leaders Agree On Housing Bill 2008-04-02 16:10:16 (Score: 49) California, Florida Lead U.S. In Big Foreclosure Surge 2008-06-06 13:32:39 (Score: 49) U.S. Home Foreclosures, Delinquent Mortgages Hit Record High 2009-05-28 15:19:12 (Score: 49) Bush To Offer Proposals To Ease Mortgage Crisis 2007-08-31 03:24:07 (Score: 49)   Readers Comments Add your own comment. (Anonymous commenting now enabled.)

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