As someone with a lifetime of experience in the real estate business, I know that business plan well.
For all FHA loans, the government says to the bank, "You check-out the applicant's credit-worthiness and then lend him the money. If he defaults, we'll cover it."
Yup. The irony of that given the recent financial crash wasn't lost on me...
Unless otherwise indicated, this is the personal viewpoint of David Miller and not necessarily that of Biotech Stock Research, LLC. We're on Twitter at BiotechStockRsr