Nick Timiraos and Deborah Solomon at the Wall Street Journal just published an article detailing FHA default rates and market share statistics. It seems that FHA is taking over where Countrywise left off. Countrywide at one point was the largest mortgage lender in the nation. FHA increased it's market share from 2.7% to over 27% this last quarter.
The WSJ reported' "Rising defaults have eaten through the FHA's cushion. Some 7.8% of FHA loans at the end of the second quarter were 90 days late or more, or in foreclosure, according to the Mortgage Bankers Association, a figure roughly equal to the national average for all loans. That is up from 5.4% a year ago."
FHA is now the subprime of the mortgage industry. It will be interesting to see FHA develops.
Tuesday, September 8, 2009
Is FHA the new Countrywide? the new subprime?
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