The Next Hit: Quick Defaults - washingtonpost.com: "Many borrowers are defaulting as quickly as they take out the loans. In the past year alone, the number of borrowers who failed to make more than a single payment before defaulting on FHA-backed mortgages has nearly tripled, far outpacing the agency's overall growth in new loans, according to a Washington Post analysis of federal data."
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I think the key letters here are not FHA, but FRAUD.
Thanks to Fred Pilot for the link. He notes that this will hit community associations hard.
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