The Federal Housing Administration’s involvement in mortgage financing is likely to grow, HUD Secretary Shaun Donovan told a Philadelphia audience last week.
“While we prefer to have the private market be more involved, we have asked . . . to expand our authority to provide $400 billion more for the FHA insurance program,” he said.
FHA was involved in fewer than 2 percent of mortgages in 2006. Today, it has a role in 24 percent and that number is increasing, Donovan said.
Source: The Philadelphia Inquirer, Alan J. Heavens (06/18/2009)