The House Financial Services Committee held a hearing to examine the role of the Federal Housing Administration (FHA) in the mortgage insurance market.
Housing finance experts and analysts are testifying on the FHA’s financial condition and its role in the housing market.
Hearing witnesses include: Edward Pinto, resident fellow at the American Enterprise Institute; Anthony Sanders, professor of real estate finance and senior scholar at the Mercatus Center at George Mason University; Basil Petrou, managing partner at Federal Financial Analytics Inc.; and Julia Gordon, director of housing finance and policy at the Center for American Progress
A second hearing will be held February 13 to hear from FHA Commissioner Carol Galante on a November 2012 actuarial report that revealed that the FHA is on the verge of requiring a taxpayer bailout.
“The FHA’s dire financial condition and dominance of our housing finance system are a clear and present danger to every taxpayer who is now at great risk of having to fund yet another Washington bailout,” Committee Chairman Jeb Hensarling (R-TX) said.
Rep. Hensarling chaired the hearing.