FHA Watch, December 2012
Edward J. Pinto | American Enterprise Institute
December 17, 2012

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Article Highlights

  • FHA Denial Dial falls yet again.

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  • Nightmare at FHA project details FHA's failure to meet its lending mission.

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Read Issue 11, November 2012.
Read Issue 10, October 2012.
Explore the Nightmare at FHA Project.

FHA Watch, No. 12, December 2012

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This Issue’s Highlight
Mission Misfire: 50 Years of Failure at the FHA

Since 1962, the Federal Housing Administration (FHA) has been selling the American dream of homeownership, but delivering despair. For 50 years, commentators have pointed out how FHA’s poorly designed underwriting policies result in financing failure for working-class families and a plague of foreclosures for working-class communities.

This Month’s Features

Spotlight on the FHA’s Mission Misfire
50 Years of Failure at the FHA

Spotlight on Insolvency
FHA’s Estimated GAAP Net Worth Equals –$26.27 Billion, with a Capital Shortfall of $46–65 Billion

Spotlight on Delinquency
Overall Delinquency Rate Declines Slightly

Spotlight on Best Price Execution
FHA’s Pricing Dominance Eases as the FHA Announces Premium Changes

The Road Map to FHA Reform
Fundamental and Comprehensive Reform of the FHA Is Urgently Needed

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About the Author

 

Edward J.
Pinto

  • Edward J. Pinto is a resident fellow at the American Enterprise Institute (AEI), where he specializes in housing finance and the effect of government housing policies on mortgages, foreclosures, and the availability of affordable housing for working-class families. He is currently researching policy options for rebuilding the US housing finance sector and writes AEI’s monthly FHA Watch.

    An executive vice president and chief credit officer for Fannie Mae until the late 1980s, Pinto has done groundbreaking research on the role of federal housing policy in the 2008 mortgage and financial crisis. Pinto’s work on the Government Mortgage Complex includes seminal research papers submitted to the Financial Crisis Inquiry Commission: “Government Housing Policies in the Lead-up to the Financial Crisis” and “Triggers of the Financial Crisis.” In December 2012, he completed a study of 2.4 million Federal Housing Administration (FHA)-insured loans and found that FHA policies have resulted in a high proportion of working-class families losing their homes.

    Pinto has a J.D. from Indiana University Maurer School of Law and a B.A. from the University of Illinois at Urbana-Champaign.

  • Phone: 240-423-2848
    Email: edward.pinto@aei.org

  • Assistant Info

    Name: Emily Rapp
    Phone: 202-419-5212
    Email: emily.rapp@aei.org
Show More | See Full Profile

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