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| HUD Chief: FHA Returning to Mandated Reserve Level by 2015
Donovan testifies before Senate
April 26, 2012
By MortgageDaily.com staff
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Problem mortgages at the Federal Housing Administration were endorsed prior to the Obama administration, according to Department of Housing and Urban Development Secretary Shaun Donovan. But he said that while FHA's capital reserve ratio fell below the congressionally mandated level three years ago, it should be back in compliance within another three years.
Donovan made the comments Thursday before the Senate Subcommittee on Banking, Housing, and Urban Affairs at the hearing FY 2013 Budget Request for the Department of Housing and Urban Development, according to his prepared testimony.
The HUD chief said that economic and unemployment trends contributed to a high number of claims paid by the Mutual Mortgage Insurance Fund. Seller-funded down payment assistance programs also helped drive elevated claims as did the combined impact from bad underwriting and unscrupulous and non-compliant practices by lenders. |
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