Foreclosures loom as FHA default rate rises

More than 9% of borrowers with loans backed by the Federal Housing Administration were behind by at least three payments as of December, per agency data. A year ago, 6.5% of borrowers had fallen seriously behind on loan payments. The increase foreshadows a wave of foreclosures that could hinder the FHA, an agency that is crucial to the recovery of the housing market.

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