Then it'll be the maxed-out credit cards, and delinquent student loans and defaulting car loans all of which are failing at a ...Then it'll be the $160 billion in private equity deals and leveraged buyouts (LBOs) which need refinancing. The mortgage itself is made by a bank, a savings and loan association, a mortgage company, a credit union, or any other lender. For it to become an FHA mortgage loan, the lender would have to be approved by the Federal Housing Administration.