“This is a market purely on life support, sustained by the federal government,” he said at the Mortgage Bankers Association conference. “Having FHA do this much volume is a sign of a very sick system.”FHA insured more mortgages than Fannie and Freddie combined in the Q1 2010.
Also, MBA reported a record 14.69% of mortgage loans delinquent or in foreclosure in Q1 2010.
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