House Financial Services Committee Hearing to Look at the Federal Housing Administration

Chairman Hensarling announced that the Financial Services Committee will hold a series of hearings throughout the year that focus on the financially troubled Federal Housing Administration ("FHA"), its "outsized role" in the nation's housing finance system, and the need to create a sustainable mortgage finance system.The announcement states that the FHA's single-family insurance fund has a negative economic value of $16.3 billion according to a November actuarial report. The committee's first two FHA hearings are set to take place in February:

• On Feb. 6 at 9:00 a.m., the committee will hear from a panel of housing finance experts and analysts about the FHA's financial condition and its role in the housing market.
• On Feb. 13 at 10:00 a.m., FHA Commissioner Carol Galante will testify before the committee on the November 2012 actuarial report that revealed the FHA is on the verge of requiring a taxpayer bailout for the first time in its nearly 80-year history.

Click here to learn more (links externally to House Financial Services Committee website).