The monthly payment on the FHA loan would have been $1829, while Countrywide’s subprime loan generated a $2387 monthly payment. That amounts to a difference of $558 a month, or $6696 a year — no small sum for a low-income homeowner. ...

Kimmer's Financial Woes
It's a government program. At the end of 3 years you're expected to qualify for the mortgage (credit). If I do a BK right now, I can qualify for FHA loans in 24 months but I'll have the BK for 7-10 years. ...