(Bloomberg) — Federal Housing Administration mortgages — the affordable path to homeownership for many first-time buyers, minorities and low-income Americans — now have the highest delinquency rate in at least four decades.The share of late FHA loans rose to almost 16% in the second quarter, up from about 9.7% in the previous three months and the highest level in records dating back to 1979, the Mortgage Bankers Association said Monday. The delinquency rate for conventional loans, by comparison, was 6.7%.Millions of Americans stopped paying their mortgages after losing jobs in the coronavirus crisis. Those on the lower end of the …read more
Source:: Yahoo Finance
