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NAR President Gary Thomas testified this week before the House Financial Services Subcommittee on Housing and Insurance about the importance of the FHA mortgage insurance program.
This was the fourth in a series of hearings being held by the Committee since FHA's 2013 actuarial report showed a negative net value of $13.48 billion. FHA has made significant changes to improve their financial standing, including raising premiums and lender enforcement.
NAR believes Congress can provide additional tools to FHA including program flexibility, increased risk management controls, and improved management. President Thomas cautioned Congress from making significant changes to FHA that could hamper our housing recovery and disenfranchise qualified borrowers.