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FHA Performance Problems Persist.(Federal Housing Administration)(Brief Article)
The performance of the Federal Housing Administration 1-4 family program continued to sour in the fourth quarter as more loans became seriously delinquent and more loans fell into foreclosure, according to the FHA's own data.
Despite what appears to be a mild recession, FHA loans 90 days or more past due rose from 4.5% in the third quarter to 4.88% in the fourth quarter. As of June 30, the rate of seriously delinquent FHA loans was 3.5%.
In the past, FHA officials have said that loss mitigation efforts by FHA servicers are keeping more loans in the serious delinquency category longer and FHA claims have not been increasing. But FHA officials declined to comment on the fourth-quarter data.
Meanwhile, FHA loans in foreclosure rose 21 basis points to 1.9% in the fourth quarter, according to the FHA.
The Mortgage Bankers Association fourth-quarter mortgage delinquency survey showed that FHA loans in foreclosure increased by 23 basis points to 2.17%, which seems consistent with FHA data.
However, the MBS survey reported only a 3-basis point rise in ...
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Source: HighBeam Research, FHA Performance Problems Persist.(Federal Housing...