What is happening here? A record 64.5% of new FHA borrowers had debt-to-income ratio above 43.0% in 2024. The share has risen by 10 percentage points over the last 5 years. To put this into perspective, in 2007, this percentage was nearly half of what it is now, at ~35%. In other words, the FHA loan portfolio is significantly more risky than it was before the 2008 Financial Crisis. Meanwhile, ~7.05% of FHA mortgages issued in 2024 went seriously delinquent, above the 2008 peak of 7.02%. Are we in a subprime housing bubble?