House Financial Services Committee Hearing:

The House Financial Services Committee will hold a hearing that will examine the financial status of the Federal Housing Administration ("FHA") and the actuarial review of the FHA's Mutual Mortgage Insurance Fund ("MMIF") for Fiscal Year 2012, released by the Department of Housing and Urban Development ("HUD") on November 16, 2012. The witness at the hearing will be Ms. Carol J. Galante, Federal Housing Commissioner and the Assistant Secretary for Housing.According to the attached reports, the Federal Housing Administration's Mutual Mortgage Insurance Fund was more than $10 billion under water at the end of 2012.

See: Chairman Hensarling's Opening Statement (with Video). See also: House Financial Services Committee Memo on Hearing.Additional Materials: FY 2012 Actuarial Review Excluding HECMs and FY 2012 Actuarial Review of HECMs.Related News Item: IOSCO Consultative Report: Mortgage Insurance - Market Structure, Underwriting Cycle and Policy Implications (with Lofchie Comment).