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On the heels of President Obama’s budget proposal published Wednesday indicating the Federal Housing Administration could require $943 million to cover reverse mortgage program losses, NPR spoke with housing policy experts about the news.
From the way reverse mortgage losses have played out during the housing crisis to the surprise of FHA’s financial turnaround on its forward business, NPR spoke with the American Enterprise Institute’s Ed Pinto and Center for American Progress’s Julie Gordon about the state of FHA.
The segment reveals the the ongoing plea FHA has made of Congress for the authority to more better and more flexibly manage the Home Equity Conversion Mortgage program.
In a press conference following the budget announcement, Housing Secretary Shaun Donovan echoed the request, stressing the need for sensible change in an effort to provide senior homeowners access to their equity.
Written by Elizabeth Ecker
