Fannie Mae and Freddie Mac are the primary purchaser of single-family mortgages since the housing bubble debacle back in 2008/09. The FHA, on the other hand, is an insurer, not a loan purchaser. What this means is that today's mortgage risk, based on LTV and FICO, is higher than during the previous mortgage debacle. Lessons of the past have not been learned. Once again, this is not going to end well! But, then again, no one seems to be that concerned.
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