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Diane Publishing Books
FHA Single-Family Mortgage Insurance Program: Financial Status and Related Current Issues
Katie Jones (au)
The Fed. Housing Admin. (FHA) insures home mortgages made by private lenders against the possibility of borrower default. If the borrower does not repay the mortgage, FHA pays the lender the remaining principal amount owed. When an FHA-insured mortgage goes to foreclosure, the lender files a claim with FHA for the remaining amount owed on the mortgage. Claims on FHA-insured loans have traditionally been paid out of an account, known as the Mutual Mortgage Insurance Fund (MMI Fund), that is funded through fees paid by borrowers, rather than through appropriations. However, if FHA were ever unable to pay claims that it owed, it can draw on permanent and indefinite budget authority with the U.S. Treasury to pay those claims without additional congressional action. In recent years, increased default and foreclosure rates, as well as economic factors such as falling house prices, have contributed to an increase in expected losses on FHA-insured loans. Contents of this report: Introduction; FHAäó»s Role in the Mortgage Market; Financial Status of the MMI Fund; Selected Recent FHA Policy Changes. Figures and tables. This is a print on demand report.
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