Chad Fabry Posted December 14, 2008 Report Share Posted December 14, 2008 By BARRY MEIER The New York Times Sunday, December 14, 2008 During the subprime boom, the Federal Housing Administration, created in 1934 to help lower-income and first-time buyers purchase homes, all but sat out the party. Borrowers abandoned the FHA in favor of conventional loans that were both easier to qualify for and less expensive. The agency does not itself issue mortgages but it insures lenders that do, and its insurance pool is financed by premiums paid by homeowners who use its programs. Now, as credit tightens... Link to comment Share on other sites More sharing options...
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