Received information today directly from FHA Commissioner David Stevens about his speech last Friday concerning the FHA Reserve Fund. Actually, I should say the FHA Reserve FUND(S) (as in plural).
The big FHA news last week was the the five mortgagee letters released and Commissioner Stevens' announcement concerning the FHA Capital Reserve Fund. As noted in my September 18th post, the Commissioner affirmed the agency insurer will most likely see its 2% capital reserve requirement fall below the minimum level set by Congress. However, what every media report I read neglected to disclose is that the FHA maintains two accounts to address and pay their expected losses.
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