Jan. 31, 2013 – Federal Housing Administration Commissioner Carol Galante on Wednesday announced a series of changes ahead aimed at improving FHA’s risk management and the strength of the Mutual Mortgage Insurance Fund.
Galante unveiled the planned changes – changes she committed to in advance of her confirmation by the Senate to a term appointment – the same day that House Financial Services Chairman Jeb Hensarling, R-Texas, announced a series of hearings that will examine the FHA and housing finance reform issues. (See story.) The changes are as follows:
FHA says it will also soon announce a proposed increase in the down payment requirement for mortgages with original principal balances above $625,500 from 3.5 to 5 percent. The announcement will be published in the Federal Register.