20 % of last year's FHA loans in trouble?

NY Times:

...

Running questions about the F.H.A.’s future — underscored by interviews with policy makers, analysts and home buyers — came to the fore on Thursday on Capitol Hill. In testimony before a House subcommittee, the F.H.A. commissioner, David H. Stevens, assured lawmakers that his agency would not need a bailout and that it was managing its risks.

But he acknowledged that some 20 percent of F.H.A. loans insured last year — and as many as 24 percent of those from 2007 — faced serious problems including foreclosure, offering a preview of a forthcoming audit of the agency’s finances.

“Let me simply state at the outset that based on current projections, absent any catastrophic home price decline, F.H.A. will not need to ask Congress and the American taxpayer for extraordinary assistance — we will not need a bailout,” Mr. Stevens said in his testimony.

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If 20 percent of last year's loans are in question that means that the lessons learned from the credit debacle made little impression on these guys are they were under pressure from Barney Franks et.al. to continue making bad loans. It just defies logic to make loans that come into question within a year of their making only weeks after we saw the results of this kind of lending.