Mortgage Financing: Actuarial Soundness of the Federal Housing Administration's Mutual Mortgage Insurance Fund

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Testimony issued by the General Accounting Office with an abstract that begins "The Housing Affordability for America Act of 2002 establishes risk-based capital requirements for the Mutual Mortgage Insurance Fund of the Federal Housing Administration (FHA). Through the fund, FHA operates a single-family insurance program that helps millions of Americans buy homes. The Fund's estimated value rose dramatically in 1999, prompting proposals to spend current resources or reduce net cash flows into the Fund. The value of the Fund at the end of fiscal year 1999 was $15.8 billion. This capital ratio of 3.20 percent of the unamortized insurance-in-force exceeded … continued below

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United States. General Accounting Office. April 24, 2002.

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Testimony issued by the General Accounting Office with an abstract that begins "The Housing Affordability for America Act of 2002 establishes risk-based capital requirements for the Mutual Mortgage Insurance Fund of the Federal Housing Administration (FHA). Through the fund, FHA operates a single-family insurance program that helps millions of Americans buy homes. The Fund's estimated value rose dramatically in 1999, prompting proposals to spend current resources or reduce net cash flows into the Fund. The value of the Fund at the end of fiscal year 1999 was $15.8 billion. This capital ratio of 3.20 percent of the unamortized insurance-in-force exceeded the minimum required capital ratio of two percent. A two-percent capital ratio appears sufficient to withstand moderately severe economic downturns that could lead to worse-than-expected loan performance. Determining an appropriate capital ratio depends on the level of risk Congress wishes the Fund to withstand. FHA faces the failure of borrowers to perform, or credit risk, and the risk of managerial shortcomings, or operational risk. By defining the risk that the Fund must withstand, the act will define actuarial soundness and help FHA manage the Fund."

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Government Accountability Office Reports

The U.S. Government Accountability Office (GAO) is an independent, nonpartisan agency that works for the U.S. Congress investigating how the federal government spends taxpayers' money. Its goal is to increase accountability and improve the performance of the federal government. The Government Accountability Office Reports Collection consists of over 13,000 documents on a variety of topics ranging from fiscal issues to international affairs.

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  • April 24, 2002

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  • June 10, 2014, 6:42 a.m.

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United States. General Accounting Office. Mortgage Financing: Actuarial Soundness of the Federal Housing Administration's Mutual Mortgage Insurance Fund, text, April 24, 2002; Washington D.C.. (https://digital.library.unt.edu/ark:/67531/metadc289976/: accessed March 15, 2025), University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu; crediting UNT Libraries Government Documents Department.

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