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Castro tells Congress FHA Reductions Sound, Beneficial

Wednesday, February 11, 2015

Julian Castro told the House Financial Services Committee on Wednesday that the Federal Housing Administrations (FHA) historically high premiums limit affordability and almost certainly discourage some first time homebuyers from entering the housing market.  The Department of Housing and Urban Development secretary said that FHA is in a strong position to take its "modest" recent step of reducing its premiums to correct this deficit.

Castro said it is clear that housing is reemerging as an engine of economic prosperity, an emergence FHA has facilitated through its countercyclical role stabilizing the market during the recession.  "Unfortunately, there are some who try to include FHA with all the bad actors that caused the housing crisis.  That could not be more wrong.  FHA never pushed the toxic products that did so much damage.  It didn't bring down the market - it saved it," the Secretary said.

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