Fewer area FHA loan defaults

``A report published last week by the Philadelphia Federal Reserve Bank found that the FHA portfolio of loans in the Third District - Pennsylvania, New Jersey, and Delaware - was performing better in 2008 and 2009 than in 2006 and 2007, at the peak of the housing boom, with fewer defaults than expected... The reason is that FHA borrowers in 2008 and 2009 had higher credit scores than in previous years.'' -- But according to the data we've seen, serious delinquencies were worse over this period.