Monday, November 30, 2009
Aside from the FHA now insuring half of all new home loans (and, of course, their tiny capital base and the nearly 10 percent default rate), the most disturbing part of this CBS News report is that they have a staff of only 172 to review loan applications and keep an eye on lenders.
What could possibly go wrong, now that they're insuring loans of more than $700,000 with some members of Congress wanting to push that level even higher?
What was that word Bob Toll used to describe FHA lending a week or two ago? Trainwreck?