ICBA lauded the Federal Housing Administration's announcement that its Single-Family Mutual Mortgage Insurance Fund has recovered to its highest level since fiscal 2007.
In its annual report to Congress, the FHA said the fund's capital ratio rose to 4.84 percent in fiscal 2019 from 2.76 percent the previous year, well above the statutory minimum of 2 percent. The fund's net worth rose by more than $27 billion since last year to $62.38 billion.
In a statement, ICBA President and CEO Rebeca Romero Rainey said improved risk management practices by the FHA and an effective premium structure buoyed by a strong housing economy have rebuilt the fund.
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