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FHA Expects Single-Family to Lose Money Next Year.
WASHINGTON -- The Federal Housing Administration single-family mortgage program is projected to incur a loss next year - the first time in the program's 70-year history - due to rising defaults and declining originations.
Budget proposals released by the Bush administration show the FHA mortgage insurance fund will go into the red in fiscal year 2008 unless premiums are increased or Congress approves a FHA reform bill.
However, the Bush administration is not providing any funds in the budget to cover a shortfall. It appears the administration expects the FHA to increase its 150 basis point upfront premium and 50 basis point annual premium to break even.
"The 2008 baseline includes no budget authority to cover these costs and assumes FHA would use its existing authorities to increase premiums to avoid the need for credit subsidy appropriations," budget documents say.
The Bush administration succeeded in getting the House to pass a FHA reform bill last year, but it died in the Senate. The Department of Housing and Urban Development is renewing its efforts to pass the reform bill this year.
The budget documents show passage of the FHA reform proposal would put the FHA mutual mortgage insurance fund in the black.
The budget documents also reveal that FHA's cumulative default/claim rate has risen from ...
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Source: HighBeam Research, FHA Expects Single-Family to Lose Money Next Year.