Interesting news to share! At a time when the mortgage market is seeing steady signs of improvement, loans backed by the Federal Housing Administration (FHA) continue to see an increase in the number of borrowers seriously delinquent on their mortgage and falling into foreclosure, according to a new quarterly report issued by the Office of the Comptroller of the Currency.
For the year ending March 31, FHA-backed loans delinquent 90 days or more increased nearly 27 percent, while foreclosures soared nearly 17 percent.
“We expect the new books will continue with their better performance, primarily because of the steps that were put in place,” FHA officials told CNNMoney. “And we are benefiting from having more high-credit borrowers.”
Source: “Closer to Bailout? FHA’s Mortgage Delinquencies Soar,” CNNMoney 7/9/12