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The Changing Fortunes of FHA's Mutual Mortgage Insurance Fund and the Legislative Response

  • Patric H. Hendershott
  • James A. Waddell

The 1980s was a bad decade for FHA's Mutual Mortgage Insurance (MMI) program, the mainstay of FHA's single family mortgage insurance. While the MMI Fund is required by statute to be actuarially sound, the Fund lost close to $6 billion dollars, and its economic value declined from 5.3 percent of insurance-in-force to under one percent. This study documents the decline in the soundness of the MMI Fund in the 1980s and describes the legislation enacted in October 1990 to shore up the Fund.

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File URL: http://www.nber.org/papers/w3592.pdf
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 3592.

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Date of creation: Jan 1991
Date of revision:
Publication status: published as Journal of Real Estate Finance and Economics, June 1992, pp. 119-132
Handle: RePEc:nbr:nberwo:3592
Note: ME
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