Washington Report

Advocacy Updates from Washington D.C.

FHA Statement on Financial Health

On March 30, 2021, Department of Housing and Urban Development (HUD) Secretary Marcia Fudge announced that Federal Housing Administration (FHA) Mutual Mortgage Insurance Fund remained strong given the financial challenges faced by homeowners with FHA-insured mortgages in 2020. The Fund has more than $80 billion in reserves and remains well above the 2 percent minimum capital reserve required by Congress. Unfortunately, due to the COVID 19 pandemic, the number of seriously delinquent FHA loans and FHA loans in forbearance has grown considerably. Given ongoing concerns for those borrowers adversely affected by the pandemic, FHA has decided to maintain the current pricing of the FHA loan premiums in order to protect against potential future losses to the Fund.

FHA Annoucement on Health of Mutual Mortgage Insurance Fund