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Congress Told FHA Fund is Strong, Reverse Mortgages Improving

Friday, February 12, 2016

In a hearing on Thursday before the House Financial Services Committee, Edward L. Golding, Principal Deputy Assistant Secretary of the Department of Housing and Urban Development (HUD) said that the value of the Federal Housing Administration's Mutual Mortgage Insurance (MMI) Fund has improved by $19 billion in the last year.  The Fund fell into negative territory during the housing crisis, battered by poor performance of its guarantee portfolio.

Golding said the Fund increased from $4.8 billion in FY 2014 to $23.8 billion in the most recent year, a total of $40 billion in growth since 2012.  The Fund, which is required by Congress to maintain a capital ratio of 2.0 percent, has improved since 2012 from a negative 1.44 percent to a positive 2.07 percent.  Further, the Independent Actuary's 2015 review predicts that the Fund will finish 2016 with a ratio of 2.77 percent.

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