## Goldman Flags Record FHA Concentration in U.S. Mortgage Delinquencies as Serious Defaults Climb 20%
Goldman Sachs analyst Jason Acosta has flagged a troubling concentration of distressed mortgages in the Federal Housing Administration loan book, highlighting FHA-backed loans now represent a record 55% of all seriously past-due mortgages in the United States. Acosta described one data visualization as his "chart of the day" in a note to clients, signaling heightened internal attention to the trend.

The warning from Goldman arrives as data from Intercontinental Exchange's May 2026 Mortgage Monitor report reveals that while the overall first-lien delinquency rate edged lower to 3.35% in March—a 37 basis point improvement from February—serious delinquencies and foreclosures have risen by 154,000 borrowers compared to one year prior. FHA loans alone drove the increase, adding 164,000 borrowers to the seriously delinquent category. Approximately 1.6% of active mortgages are now seriously delinquent, marking a 20% year-over-year surge.

The divergence between improving headline delinquency figures and worsening serious-delinquency metrics points to a structural weakness among lower-credit borrowers who rely heavily on FHA insurance. Industry observers note that tax refund distributions and seasonal factors temporarily supported some borrowers in March, but the underlying trend suggests persistent pressure on households with FHA-backed loans. The concentration of risk within this segment raises questions about potential exposure for the FHA insurance fund and the broader housing market stability if deterioration continues unchecked.
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- **Source**: ZeroHedge
- **Sector**: The Vault
- **Tags**: mortgage delinquency, FHA loans, Goldman Sachs, housing market, serious delinquency
- **Credibility**: unverified
- **Published**: 2026-05-13 19:18:20
- **ID**: 82713
- **URL**: https://whisperx.ai/en/intel/82713