FHA Watch, March 2013 (Vol. 2, No. 2)
Edward J. Pinto | American Enterprise Institute
March 14, 2013

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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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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

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