Calculated Risk points out BofA's stable/declining delinquencies on non-FHA loans, and huge and rising delinquencies on FHA loans.
What do you expect when you give people loans with zero or near-zero down? They've got no skin in the game. They're gonna walk as soon as payments get tough or the home value goes underwater.
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We tried FHA to buy our home (used VA instead), and I will tell you...NO ONE will sell their home to you with an FHA loan, so I don't know who in the hell all these people are who are defaulting.
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