SURPRISE! ONE MORE INSOLVENT GOVERNMENT HOUSING AGENCY FOR TAXPAYERS TO BAIL OUT

At The Atlantic, Edward J. Pinto points out the open secret that the FHA is all set to go the way of Fannie and Freddie: The housing crisis supposedly chastened the complex, but a close look at the FHA’s figures show that it’s still following this tragic playbook. Over 1 in 6 FHA loans are delinquent 30 days or more. Most of these were originated in 2008, 2009 and 2010, well after the bubble had burst. Today, the agency is still targeting low-income borrowers, pushing them into mortgages with ruinous consequences. [Emph. added]

What’s the definition of insanity, again? Oh, right. . . .