Following today’s release of the Federal Housing Administration’s actuarial report, the Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following remarks:
“Today’s announcement makes clear that FHA is on the right track, and is appropriately recovering from its unprecedented work keeping our housing market afloat during the worst economic crisis in a generation. While the FHA has not made full recovery, it’s important to remember that it is far from bankrupt, holding approximately $40 billion in reserves and continuing to generate revenue.
Last year, the Federal Housing Administration took considerable criticism from Republicans, as it was projected to require a one-time transfer of funds from the Treasury. Not only was that transfer not used, but today the FHA has announced that its Mutual Mortgage Insurance Fund continues to improve.
I believe that our priority must remain to ensure a healthy, viable FHA that can continue to facilitate homeownership for qualified homebuyers, while standing ready in the unfortunate event of another housing downturn. That is why I continue to support comprehensive FHA solvency legislation that would achieve just that. It’s disappointing that my Republican colleagues continue to focus on obstruction and rhetoric, instead of working on a bipartisan basis to ensure FHA’s long-term solvency.”