FHA’s Dana Wade on this year’s Mutual Mortgage Insurance Fund
In today’s Daily Download episode, Dana Wade, housing commissioner for the Federal Housing Administration and the assistant secretary for housing at the U.S. Department of Housing and Urban Development, discusses the administration’s newly released annual report, which analyzes the financial status of the mutual mortgage insurance fund for fiscal Year 2020.
For some background on the interview, here’s a brief summary of HousingWire’s coverage on the report:
The Federal Housing Administration’s flagship Mutual Mortgage Insurance (MMI) Fund is in the best condition since before the financial crisis with a combined capital ratio for FY 2020 at 6.1% – only .3% away from levels seen in 2007.
Under the National Housing Act, the FHA is required by Congress to maintain at least a 2% ratio in reserves for the MMI fund, which it has done now for the sixth consecutive year.
Dana Wade, FHA commissioner and assistant secretary for the Department of Housing and Urban Development, spoke to HousingWire Digital Producer Alcynna Lloyd in an exclusive interview and gave her perspective on the annual report.
“It’s kind of like the Super Bowl for FHA, or at least for those nerdy enough to pay attention to this,” Wade said.
Up from 4.84% in 2019, Wade said robust housing values and the growth in house price appreciation was not only a bright spot for the housing community but a driving factor in the 1.26% year-over-year increase the MMI fund experienced.
The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham.
HousingWire articles covered in this episode: