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Defaults on FHA-backed loans passed 9% in December, ending the year at 9.12%, up from 6.82% one...

Defaults on FHA-backed loans passed 9% in December, ending the year at 9.12%, up from 6.82% one year earlier and 8.94% in November.
Comments (5)
  • phxcrane
    , contributor
    Comments (419) | Send Message
     
    I wonder if anybody will ask Barney Frank how Freddy and Fannie are doing? LOL
    9 Feb 2010, 01:44 PM Reply Like
  • Jeff Nielson
    , contributor
    Comments (2464) | Send Message
     
    What a surprise! The U.S. government hands out zero-downpayment mortgages to more than half of all home-buyers - creating a NEW group of over-leveraged buyers...and this is the obvious result.

     

    With the two-year spike in option-ARM resets just about to begin AND the next down-leg in the U.S. job market coming at the same time, the default/delinquency/fo... numbers are going to go much, much higher.

     

    Naturally, what this means is what I (and several other commentators) have been saying for the last 6 months: the NEXT down-leg for the U.S. housing market will be at least as bad if not worse than the first.

     

    "The U.S. Government's Zero Down-payment Mortgages"
    www.bullionbullscanada...
    9 Feb 2010, 02:06 PM Reply Like
  • Poor Texan
    , contributor
    Comments (3531) | Send Message
     
    Well, at least we won't have to worry about layoffs or salary cuts in the government sector. Maybe they can carry the economy:-)
    9 Feb 2010, 04:09 PM Reply Like
  • nightfly
    , contributor
    Comments (1017) | Send Message
     
    A recovery that you can believe in? Not.
    A sustainable stable market for the future? Not.

     

    The definition of insanity is doing the same thing over and over and expecting different results - aka "this time it's different".
    9 Feb 2010, 02:17 PM Reply Like
  • youngman442002
    , contributor
    Comments (5131) | Send Message
     
    its like a drowning person will try to drown you to stay alive....they are grabing at anything and everything they can to save us...it won´t work...
    9 Feb 2010, 02:24 PM Reply Like
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