HUD Announces More Changes to FHA
In a letter to Senator Corker (R-TN) dated Dec.18, 2012, FHA announced additional changes to 'rebuild the reserves of the Mutual Mortgage Insurance Fund.' Last month, an independent actuarial audit of FHA showed the economic value of the Fund is negative $13.48 billion. This means that FHA needs an additional $13.48 billion to carry a full 30-years' worth of reserves on its mortgage insurance portfolio. The changes outlined in the letter include: read more..
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