FHA Expands Role in Financing Homes

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)

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