The Ponzi continues… They knew these would fail.
We did.
CNN-
The mortgage market appears to finally be stabilizing — as long as you ignore loans backed by the Federal Housing Administration.
Increasingly, FHA-insured loans are falling into foreclosure or serious delinquency, moving in the opposite direction of loans guaranteed by Fannie Mae and Freddie Mac or those held by banks, which are all showing signs of improvement.
And taxpayers could ultimately be on the hook for FHA’s growing number of troubled mortgages. The agency’s finances are already on shaky ground, and additional losses from loans going sour could prompt the need for a federal bailout, experts said.
“We can’t escape this one,” said Joseph Gyourko, a real estate professor at the University of Pennsylvania’s Wharton School. “This is an arm of the U.S. government.”
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CNN mostly has it wrong – nothing is stabilizing, unless this means things are less unstable than they were. When the Professor says “bailout” he does not mean borrowers will be helped in any way, shape or form. Most FHA mortgage “defaulters” will lose their homes.