WASHINGTON, D.C. – House Financial Services Committee Chairman Barney Frank (D-MA) issued the following statement today on the Federal Housing Administration’s annual report to Congress, which shows that the economic value of the FHA’s Mutual Mortgage Insurance Fund (MMIF) has improved by $1 billion since last year:

“I am pleased by the news in this annual report that the FHA has made financial progress over the last year. This progress is the result of bipartisan efforts since 2008 to strengthen and modernize the FHA and the Mutual Mortgage Insurance Fund and of the Administration’s commitment to taking actions necessary to maintain the FHA’s financial health.

“Today’s news is encouraging and I am optimistic about the Fund’s continued financial health. However, there is still room for improvement in efforts to ensure that the Fund is financially sound; today’s news should not lead us to become complacent about its financial status. This summer the House adopted a number of provisions to improve FHA lender and Fund oversight and I hope that Congress will swiftly enact these additional reforms.”

Note: The House approved the FHA Reform Act in June. Click here for more information.

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