HousingWire is reporting that the FHA insured a record number of mortgages in June 2009. 194,000 mortgages were insured by the American Taxpayers – I mean, the FHA, during the month of June. That’s up 48% from one year ago.
FHA is predicting a 10% increase in “insurance claims” otherwise known in regular lingo as defaults for 2009. However, in a sign of continued deterioration in FHA loans, June’s claims jumped 26% over last year.
Somehow I don’t think this is going to end well for the American Taxpayer.