With the release to Congress of the FHA Actuarial Study it is time to make this call: HUD Secretary Marcia Fudge and President Joe Biden need to lower the FHA Premium. Not doing so is resulting in overcharging first-time homebuyers and especially African American and Hispanic borrowers, the segments of our housing population needing the greatest support.
I say this as a former FHA Commissioner and as someone who, back when the fund was truly stressed, went to Congress asking for additional authority to raise premiums. And once that was legislated, I raised them. This time it’s different. This time details ⇒
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