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Not The Whole Story

by Peter G. Miller
December 28th, 2007

The figures are in for the first 15 days of December and — with one astonishing exception — the FHA program continues to do remarkably well.

At current rates, as many as 1.8 million borrowers could apply for FHA loans in the coming year — a 39-percent increase over fiscal 2007. While the conventional market flounders, the FHA program continues to generally do well.

HUD reports that from December 1st through the 15th loan endorsements rose 40.3 percent when compared with a year ago. Refinances led the way, rising 104.8 percent when compared with a year earlier.

Meanwhile, the number of delinquent conventional loans refinanced into the FHA program totaled 113 for the period. These are the most likely borrowers facing foreclosure, the borrowers the FHASecure program was supposed to help.

Remember HUD said in early December that “more than 33,000 borrowers have already refinanced their subprime home loans with FHASecure, a government-insured foreclosure avoidance initiative.” If only 113 delinquent borrowers were refinanced by HUD in the first two weeks of December, then the 33,000 figure is as real as unicorns and the tooth fairy.

We continue to say to HUD: prove your numbers. How many borrowers have been saved from foreclosure through the FHASecure program?

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