WASHINGTON, DC - The Department of Housing and Urban Development (HUD) last week released its annual report, showing that the Federal Housing Administration (FHA) has maintained the mutual mortgage insurance fund in a strong financial condition and is doing a good job of serving low-wealth, low-income home buyers.
Michael Calhoun, president of the Center for Responsible Lending (CRL) released the following statement:
It is noteworthy that the FHA insurance fund is in a strong financial position and the agency continues to meet its mission of serving low-wealth home buyers. Reduced FHA mortgage insurance premiums have helped make homeownership a reality for more buyers, including Black and Hispanic purchasers who often are not served well by the private mortgage market.
CRL also applauds steps the agency has taken to help borrowers avoid foreclosure. But we encourage HUD and FHA to do more, for example, by allowing required mortgage insurance to be cancelled after borrowers have built up substantial equity in the home, as it is the in the private mortgage insurance market, to help borrowers save money and free up cash for other economic uses.
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Press Contact: Alfred King alfred.king@responsiblelending.org