Congressman Duffy Slams Last-Minute Obama Regulation

WASHINGTON, D.C. – U.S. Representative Sean Duffy (R-WI) today released the following statement regarding HUD Secretary Julian Castro’s decision to lower Federal Housing Administration mortgage insurance premiums.

“The Secretary of HUD has a legal and fiduciary duty to ensure the Mutual Mortgage Insurance Fund (MMIF) remains financially sound. From 2009 to 2014, the MMIF was below its 2-percent minimum capital requirement, resulting in a $1.7 billion taxpayer bailout in 2013. In light of the Obama Administration’s poor track record protecting the fund and their propensity for harmful, last-minute regulations, I am concerned that this action jeopardizes the solvency of the fund and puts taxpayers and homeowners at risk.” 

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