FHA Watch, March 2013 (Vol. 2, No. 2)

Article Highlights

  • FHA still spinning fairly tales about its practices.

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  • FHA 60-day delinquency rate is rising.

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  • FHA capital position continues to decline.

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Read Volume 2, Issue 1, January/February 2013.
Explore the Nightmare at FHA project.

This Issue’s Highlight

FHA Fairy Tales
A number of fairy tales were told by FHA Commissioner Carol Galante in remarks on March 7 at J.P. Morgan’s Securitized Products Research Conference. FHA Watch separates fact from fiction in this new recurring feature.

This Month’s Features

FHA Fairy Tales
Debunking Two Fairy Tales from a Speech by FHA Commissioner Carol Galante on March 7

FHA’s Family vs. Loan Claim Rate
Since 1975, FHA’s Average Claim Rate on a Borrower Basis Is 1 in 8 Families (12.5 Percent)

Spotlight on Insolvency
FHA’s Estimated GAAP Net Worth Equals –$27.31 Billion, with a Capital Shortfall of $47–66 Billion

Spotlight on Delinquency
Overall Rate Steady at 16.7 Percent with Rise in 60-Day Delinquencies

Spotlight on Best Price Execution
FHA, VA, and USDA’s Pricing Dominance Little Changed

Spotlight on Differences Between the Practices of the VA and the FHA
An Overview of Veterans Affairs’ Use of Appraiser Panels

End the Nightmare at FHA
Fundamental and Comprehensive Reform of the FHA Is Urgently Needed

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Edward J.
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