BUSINESS

FHA Defaults Foreshadow A Crush Of Foreclosures

04/03/2010 05:12 am ET | Updated May 25, 2011

The share of borrowers who are falling seriously behind on loans backed by the Federal Housing Administration jumped by more than a third in the past year, foreshadowing a crush of foreclosures that could further buffet an agency vital to the housing market's recovery.

About 9.1 percent of FHA borrowers had missed at least three payments as of December, up from 6.5 percent a year ago, the agency's figures show.

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