A new and extensive analysis of 2.4 million loans insured by the
Federal Housing Administration in recent years shows a pattern of risky lending that could generate
$20 billion in losses and harm thousands of the nation’s most vulnerable
borrowers. By ignoring risks in loans it insured in 2009 and 2010, the
study concludes, the F.H.A. is imperiling both borrowers and taxpayers
who stand behind the agency.