FHA Mortgage Insurance: Applicability of Industry Requirements is Limited, but Certain Features Could Enhance Oversight.

摘要

FHA insures private lenders against losses from defaults on single-family mortgages that meet FHA criteria. FHA's insured portfolio was more than $1 trillion at the end of fiscal year 2012. The mortgage insurance market also includes PMIs regulated by the states. Since 2009, FHA's Fund (under which FHA insures almost all its single-family mortgages) has not met its statutory 2 percent capital requirement. GAO was asked to examine the financial condition requirements that apply to FHA and PMIs. This report examines (1) how reserving practices and capital requirements for FHA's Fund compare with those for PMIs, and (2) how applicable PMI practices and requirements could enhance Fund oversight. To address these objectives, GAO reviewed accounting standards, federal and state laws, regulations, and policies; analyzed FHA data; and interviewed federal officials and PMI industry officials and analysts.