A public notice that a homeowner has missed mortgage payments on a loan secured by the ... Fog-a-mirror" no-income doc bad credit loans set up a kind of "bum fights ... North County Times - I called up and said, 'I want to refinance.' (The loan officer) said, 'How much do ... FHA (HUD0 insures then insures the loan and pays the lender if the borrower defaults on the mortgage. The protection offered by FHA mortgages to lenders allows them to be more liberal with their terms than the prospective homeowner might otherwise obtain.