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Fannie and Freddie have already gotten their bailouts, and now the third leg of the federal government's affordable home ownership fetish might need more money too: the Federal Housing Administration.
The FHA insures loans for first-time homebuyers, and its obligations could be staggering. The FHA insures loans with down payments as low 3.5%, but given the number of buyers who have wrapped closing costs into their mortgages in recent years, the true loan-to-value ratios may have been even higher.
Some 10.2% of people who took out FHA loans in first quarter of 2008 missed two consecutive monthly payments within the first ten months. And 12.3% of the loans made in 2007 were seriously delinquent.
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