FHA-audit-report1

Annual Report to Congress Regarding the Financial Status of the FHA Mutual Mortgage Insurance Fund U.S. Department of Housing and Urban Development November 12, 2009 Secretary’s Foreword I am pleased to present to the Congress this annual report on the financial status of the Federal Housing Administration (FHA) Mutual Mortgage Insurance Fund. FHA is providing vital support to our national housing market during the most stressful economic conditions since the Great Depression.!The role of FHA in supporting safe and sustainable homeownership opportunities to American families increased as conventional sources of mortgage credit became more and more restricted in 2008 and 2009. FHA and Ginnie Mae are fulfilling the role expected of them during this critical time in our nation’s history. I am proud of the work done by the dedicated professionals within these two organizations. They represent the best in public service and I am proud to be at HUD and to work with them. This report transmits results of the FY 2009 actuarial study of the Mutual Mortgage Insurance Fund. The analysis has been performed by independent third-party contractors based on professional actuarial standards. In addition, as a part of the annual audit of FHA’s financial statements, the models developed by these contractors are reviewed by the auditing firm hired by the HUD Inspector General. This year, for the first time, we have added an ...