FHA guarantees 186,000 mortgages in June

The Federal Housing Administration guaranteed close to 186,000 mortgages in June, the highest number of mortgages endorsed by the agency in its 75-year history. The previous high was 157,000 mortgages guaranteed in October. FHA loans are becoming increasingly popular because they are among the only mortgages still available with low down payments. But critics say the agency has not yet done enough to manage risk — the number of FHA-backed delinquent loans rose to 7.42 percent in May from 6.47 percent a year ago.