Washington, DC – Today, in response to the release of the Federal Housing Administration (FHA)’s annual financial status report to Congress, the National Community Reinvestment Coalition (NCRC) President and CEO John Taylor made the following statement:
“NCRC welcomes the positive news contained in FHA’s actuarial review. The review underscores the strong performance of loans issued after 2009 as instrumental to the recovery of FHA. The significant drop in the Mutual Mortgage Insurance Fund’s (MMIF) deficit from a projected $16.3 billion to $1.3 billion as well as the expectation that the MMIF will meet its required two percent capital reserve ratio ahead of schedule demonstrate FHA’s growing strength. If FHA were a person, he or she would have to say that rumors of his or her demise have been greatly exaggerated.”
“The fact that FHA helped more than half a million families buy their first home this year shows that it still serves a vital role. We thank FHA Commissioner and Assistant Secretary for Housing Carol Galante for implementing the policies necessary to ensure the stability of FHA.”
In reaction to FHA’s recent release of their notice of new manual underwriting requirements, which would increase access to FHA loans, Taylor made the following comment: “We applaud FHA for adjusting manual underwriting requirements. Among those who will benefit from the changes are Millennials entering the housing market with student loan debt and those with low- and moderate-income.”
About the National Community Reinvestment Coalition (NCRC):
The National Community Reinvestment Coalition is an association of more than 600 community-based organizations that promote access to basic banking services, including credit and savings, to create and sustain affordable housing, job development and vibrant communities for America’s working families.
