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Washington
FHA report to lawmakers shows improvements
WASHINGTON (11/17/10)—The capital reserve ratio of the Federal Housing Administration’s (FHA’s) Mutual Mortgage Insurance (MMI) Fund has held steady over the last 12 months and insurance claims declined significantly, according to the FHA’s just-released annual report to the U.S. Congress. The MMI Fund is FHA’s principal insurance account that includes all single-family and reverse mortgage activity. The FHA report said the economic value of FHA’s single-family insurance program grew by more than $1 billion, to $4.7 billion in 2010, up from $3.6 billion in 2009. In a statement accompanying the public release of the report, FHA said that its survey, like last year’s, shows that FHA is “sustaining significant losses from loans insured prior to 2009 and its capital reserve ratio remains below the congressionally mandated threshold of 2% of all insurance-in-force.” However, the release continued, the report concludes that “under conservative assumptions of future growth of home prices, and without any new policy actions, FHA’s capital ratio is expected to approach two percent in 2014 and exceed the statutory requirement in 2015.” “It’s clear that FHA is in a stronger position today than we were just one year ago,” said FHA Commissioner David H. Stevens. “While we are not yet completely out of the woods, based on the evidence we’re seeing, FHA is weathering the economic storm while helping to create a firm foundation for our nation’s recovery.” Use the resource link to access the FHA report.
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