The recent decision by the Federal Housing Administration (FHA) to lower annual mortgage insurance premiums has generated an important discussion in Washington about the roles of government and private capital in supporting homeownership, while at the same time protecting taxpayers.
The recent decision by the Federal Housing Administration (FHA) to lower annual mortgage insurance premiums has renewed the debate about the complementary roles of private Mortgage Insurance (MI) and the FHA government mortgage insurance program.
Rohit Gupta, President and CEO of Genworth Mortgage Insurance and Chair of U.S. Mortgage Insurers (USMI), testified before the House Financial Services Committee Housing and Insurance Subcommittee today on behalf of the private Mortgage Insurance (MI) industry.
USMI announced today changes in the trade association’s executive leadership. USMI Co-Chair Adolfo Marzol, Executive Vice President of Essent Guaranty, will be retiring at the end of March.
“Last November, FHA released updated information on the status of the FHA insurance fund. While progress was made in restoring the financial health of the fund, it fell well short of its 2% capital ratio mandate.
“USMI commends passage by Congress last night of a one year extension of vital homeowner tax relief…
Much attention has been directed at Federal Housing Finance Administration (FHFA) Director Watt’s recent announcement that FHFA and the GSEs are working on guidelines to expand access to 3 percent low down payment mortgages.
“USMI members welcome the announcement from the Federal Housing Finance Agency (FHFA) to expand access to 3% low down payment mortgages”
“On July 10, 2014, the FHFA published a Request for Input soliciting feedback on a draft of revised private mortgage insurer eligibility requirements (“PMIERs”).
Today, USMI joined 586 organizations across the country in filing a letter to the United States Senate and House of Representatives, urging Congress to act in the Lame Duck session to extend seamlessly, enhance or make permanent the expired and expiring tax provisions
“Today, FHA released updated information on the status of the FHA insurance fund. While progress was made in restoring the financial health of the fund, it fell short of its 2% capital ratio mandate.”
On October 20, Federal Housing Finance Administration (FHFA) Director Watt announced that FHFA and the GSEs were working on guidelines to expand access to 3% low down payment mortgages.
Policy Priorities
