More than 9,200 of the loans insured by the FHA in the past two years have gone into default after no or only one payment, according to the Post analysis. The pace of these instant defaults has tripled in one year. By last fall, more than two dozen FHA home loans on average were defaulting this way every day, seven days a week. [Washington Post, “Quick Defaults: More FHA-Backed Mortgages Default Without A Single Payment,” 3/8/09]
Emphasis added. This is just basic, basic stuff, people.
