FHA Watch, November 2012

Article Highlights

  • FHA records -$34B economic value.

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  • FHA insurance in force and capital shortfalls are growing.

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  • FHA financial condition looking more dire than ever.

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Read Issue 10, October 2012.
Read Issue 9, September 2012.

FHA Watch, No. 11, November 2012

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This Issue’s Highlight

FHA Has a −$34 Billion Economic Value

The Federal Housing Administration’s (FHA’s) recently released FY 2012 Actuarial Study confirmed the decline in financial condition that FHA Watch has been tracking over the past year. While the Department of Housing and Urban Development (HUD) attempted to downplay the report, the FHA’s economic value is currently −$34 billion given today’s low interest rate environment.

The FHA’s insurance in force has been growing, as have its capital shortfalls. These trends and the FHA’s poor financial condition are cause for significant concern for Congress and taxpayers.

This Month’s Features

Spotlight on FHA’s Economic Value
FHA Has a −$34 Billion Economic Value

Spotlight on Insolvency
FHA’s Estimated GAAP Net Worth Equals –$25.38 Billion, with a Capital Shortfall of $45–67 Billion

Spotlight on Delinquency
Delinquency Rates Decline

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

The Road Map to FHA Reform
Immediate Action Needed to Address the FHA’s Fiscal Crisis

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Edward J.
Pinto

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