The Wall Street Journal is reporting today that the FHA’s minimum reserve requirement was met for the firs time since 2009. The WSJ heralds this achievement as another sign of the housing market’s continuing recovery.
“The Federal Housing Administration, which backs low-down-payment mortgages popular with first-time home buyers, said its insurance fund’s net worth at the end of September was $23.8 billion, up from a year-earlier level of $4.8 billion. Its capital reserve ratio, which by law is required to stay above 2%, rose to 2.07%, the first time it met the threshold since the start of the agency’s 2009 fiscal year. The ratio measures how much in reserves, as a proportion of its loan guarantees, the FHA would have on hand after covering expected losses.”
Click here to read the full story, FHA Meets Minimum Reserve Requirement for First Time Since 2009, WSJ 11/16/15 (subscription may be required)
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