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Instant Defaults on New FHA Loans

wreckingbullwreckingbull
edited March 2009 in Housing Bubble
This makes me sick.

By law, we the taxpayers will be responsible for this failed government attempt to reinflate the housing bubble. For any of you that think government intervention is helping, please read.

It just gets worse each day.

Here is a nice tidbit to whet your palette.
Eighty percent of the Great Country loans at the project have defaulted, a dozen after no payment or one. With 64 percent of all its loans gone bad, Great Country has the highest default rate of any FHA lender, according to the agency's database. It also has the highest instant default rate.

http://www.washingtonpost.com/wp-dyn/co ... 02257.html

Comments

  • TejasTejas
    Do you think this is more evidence of bad actors trying to continue the glory years; or is this a case of massive 'buyers remorse' as new owners watch the real estate market disolve before their eyes, after they take the plunge on an expensive asset?
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