‘NAR is a strong supporter of the Federal Housing Administration and its vital role in the mortgage marketplace.
‘The 2013 Actuarial Review released [Friday] shows that FHA is on a positive trajectory to rebuild its capital reserve fund and meet the congressionally required 2 percent excess reserve amount by 2015. These promising gains are the result of strong leadership and a commitment to policies that balance risk with FHA's mission of making mortgage insurance available to qualified home buyers.
‘In light of this report, NAR believes that Congress should not dramatically change the FHA or redefine its purpose. We will continue our work with FHA to help make the dream of homeownership a reality for millions more Americans.’
Last month, NAR said that ‘burdensome’ FHA rules were making it difficult to buy and sell condominiums and advocated for reforms to ‘help protect the long-term value of homeownership in the country.’