Federal Housing Administration's Mutual Mortgage Insurance Fund: Hearing Before the Subcommittee on Housing and Community Development of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, One Hundred Second Congress, First Session, May 8, 1991, Volume 4U.S. Government Printing Office, 1991 - 91 pages |
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Expressions et termes fréquents
1990 FHA reforms 57 percent limit actuarial soundness ADMINISTRATION'S MUTUAL MORTGAGE Affordable Housing Act annual premium appraisal BAKER basis BEN ERDREICH BILL PAXON books of business borrowers buyers CARROLL HUBBARD Chairman GONZALEZ CLIFF STEARNS closing costs conference Congress Congressman CRAIG THOMAS Cranston-Gonzalez default rate Department DEPUTY SECRETARY DELLIBOVI DOUG BEREUTER downpayment ESTEBAN EDWARD TORRES Federal Housing Administration's FHA Fund FHA loans FHA program FHA reform provisions fiscal Fund's GILLMOR going hearing HILL homebuyer homeowner homeownership HOUSING ADMINISTRATION'S MUTUAL HUD's implementation issue KWEISI MFUME lender liabilities MARGE ROUKEMA MARY ROSE OAKAR MMI Fund Mortgage Insurance Fund mortgage insurance premium Mortgagee Letter Mutual Mortgage Insurance National Affordable Housing overall paid paying payment Price Waterhouse Price Waterhouse model proposed regulations QUESTION FOR DEPUTY risk-based premium ROUKEMA rule Secretary Kemp seller streamlined refinance streamlined refinancing subcommittee testimony Thank understand VENTO WEICHER WYLIE
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Page 12 - I think that what is good for the goose is good for the gander...
Page 13 - This group includes the Chairman of the Federal Reserve Board, the Secretary of the Treasury, the Director of the Bureau of the Budget, and the Chairman of the Council of Economic Advisers.
Page 43 - I would first like to thank you, Mr. Chairman, and the other members of this committee, for giving me this opportunity to appear before you.
Page 32 - Mr. OXLEY. Thank you, and thank the gentleman for his incisive questions. He does raise some excellent points. The gentleman from Massachusetts. Mr. MARKEY. Thank you, Mr. Chairman. I want to thank you for holding this hearing today. I think it is very important. As I previously indicated, Glass-Steagall reform is truly a Sisyphean endeavor in which the prospect for successful enactment of a bill into law remains somewhat remote, given the competing and conflicting interests and objectives involved....
Page 1 - I also want to thank you, Mr. Chairman, and the other Members of this Subcommittee for the bipartisan support you have given OJP in working toward this mission.
Page 68 - The accompanying notes to the financial statements are an integral part of this statement.
Page 71 - ANSWER: In its study of FHA's Mutual Mortgage Insurance Fund (the Fund) last year, Price Waterhouse pinpointed lack of homeowner equity as the main cause of FHA's large number of claims during the 1980s. This finding is consistent with every serious study of mortgage defaults. The 57 percent limit on closing costs increases homeowner equity. Without the 57 percent limit, the National Affordable Housing Act's loan-to-value caps alone would result in additional defaults on each year's business, which...
Page 75 - MMI fund was to remain solvent. In implementing these changes, the volume of FHA activity may be minimally affected, but only in that some home purchases may have to be deferred until additional funds can be saved. The same holds true for states with higher closing costs . Some home purchases may have to be delayed until the additional funds are saved.
Page 71 - National Affordable Housing Act. In a letter dated March 7, 1991 to Chairman Gonzalez, Secretary Kemp made this point clear. All the conference discussions concerning FHA were based upon the Price Waterhouse analysis of the Fund.
Page 71 - Congress believed were necessary to enable the Fund to withstand moderately adverse economic conditions and therefore to achieve actuarial soundness. Furthermore, the added defaults would keep the total FHA default rate above 11 percent.