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At the semi-monthly sheriff's sales, there are 100 foreclosed houses -- some 60 percent of which are bought back by the same lenders whose loans were defaulted on, Stephens said. Most of the loans had private mortgage insurance, so lenders file claims with the insurance companies for 20 percent or more of the loan, then buy back the home and put it back on the market. FHA buys mortgages from lenders and repackages them as investment securities backed by the federal government, all which, Stephens said, "comes right out of our pockets as taxpayers." "All it will take is another dip in the economy like we had in the '80s to make this house of cards fall down," he said. (Dated Oct 4, 2004!)