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
  • An executive vice president and chief credit officer for Fannie Mae until the late 1980s, Edward Pinto has done groundbreaking research on the role of government housing policies in the lead-up to the financial crisis. In particular, his data have revealed striking facts about the contributions of housing policy to the mortgage crisis. Two of his major research papers have been submitted to the Financial Crisis Inquiry Commission: "Government Housing Policies in the Lead-up to the Financial Crisis: A Forensic Study" and "Triggers of the Financial Crisis." At AEI Mr. Pinto is continuing his work on the role of housing policies in the financial crisis and researching policy considerations and options for rebuilding our housing-finance sector.
  • Phone: 240-423-2848
    Email: edward.pinto@aei.org

  • Assistant Info

    Name: Emily Rapp
    Phone: 202-419-5212
    Email: emily.rapp@aei.org
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