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Instant Defaults

The growth of instant defaults ¿ when a borrower makes no or one payment ¿ has skyrocketed since 2007, when borrowers flocked back to FHA-insured loans after the collapse of the subprime market. About 40 percent of these defaults were on refinance deals.


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The Next Hit: Quick Defaults
Article | The last time the housing market was this bad, Congress set up the Federal Housing Administration to insure Depression-era mortgages that lenders wouldn't otherwise make.

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