Lending rules are not strict enough as they are today.
A couple of guys I know took FHA over the past 6 months. I would not willingly lent my money to those guys at the given rate, with the given collateral. So, the government taxed me (or borrowed using my future productivity as a collateral) to give my friends the loans they got. Awesome, because that worked so well over the past several years 🙂
