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FHA: The Next Housing Bubble? Lawmakers Worry Agency Is Creating Another Boom

FHA: The Next Housing Bubble? Lawmakers Worry Agency Is Creating Another Boom
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Reporting from Washington - In the wake of the mortgage meltdown, the Federal Housing Administration has emerged as a pillar of the still wobbly housing market -- providing vital insurance that enables borrowers to qualify for loans with as little as 3.5% down.

This year alone the agency has backed nearly 2 million mortgages worth at least $328 billion. It insured 21.5% of all new mortgages last year, up from fewer than 6% in 2007.

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