The Next Hit: Quick Defaults - More FHA-Backed Mortgages Go Bad Without a Single Payment

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Anonymous_IHB

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The Next Hit: Quick Defaults

More FHA-Backed Mortgages Go Bad Without a Single Payment

<A href="http://www.washingtonpost.com/wp-dyn/content/article/2009/03/07/AR2009030702257.html">http://www.washingtonpost.com/wp-dyn/content/article/2009/03/07/AR2009030702257.html</A>
 
Will FHA lending become Subprime 2.0? Sure looks like it. The problem with FHA loans is that they don't require good credit and a decent downpayment. How the hell do you expect to motivate a buyer to keep paying on their mortgage when they have no skin in the game and already have bad credit? They really should raise the minimum downpayment requirements to 10% and increase the minimum credit score to 600 or 620.
 
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