DPA Blamed for FHA Shortfall
Posted on November 13, 2009
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The Federal Housing Administration’s capital reserve level has fallen below the federally mandated minimum of 2 percent, according to a report to Congress. The U.S. Department of Housing and Urban Development noted that as a result of seller-funded downpayment schemes, FHA’s estimated economic net worth is $10.4 billion lower than it would have been if those loans hadn’t been allowed. If FHA had those funds today, it would reportedly still be above the statutory required 2 percent.
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