MBA Statement Regarding FHA's Annual Report to Congress
|Rob Van Raaphorst|
|(202) 557- 2799|
WASHINGTON, D.C. (November 16, 2015) - David H. Stevens, President and CEO of the Mortgage Bankers Association, issued the following statement today after the Federal Housing Administration (FHA) released its annual report to Congress.
"Improvements in the value of the MMI fund over the past few years are the result of a series of policy decisions designed to rebuild the fund and protect taxpayers and the role FHA plays in the housing system, particularly for low and moderate income Americans and first-time homebuyers. FHA and its leadership should be commended for protecting the program, as well as the American taxpayer. One interesting thing to note is the overweight impact that the HECM program is having on the actuarial review. While only 10% of the overall portfolio, the HECM program has been responsible for a large part of the value swing in recent years, which is something that policymakers might want to be looking at. That, however, does not diminish what is really good news today, that the capital reserves are now forecast to exceed the two percent statutory minimum."