single-family risk sharing an evaluation of its potential as a tool for fha

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1、FHASingleFamilyRisksharingPaperPreparedfortheMillennialHousingCommissionFinal–June2002SINGLE–FAMILYRISKSHARING:ANEVALUATIONOFITSPOTENTIALASATOOLFORFHABySarahRosenWartellConsultantJune2002FinalPreparedfortheMillennialHousingCommission©SarahRosenWartellfortheMillennialHou

2、singCommissionThispaperwaspreparedfortheMillennialHousingCommission;however,theviewsexpressedaretheauthor’saloneandshouldnotbeattributedtotheCommission,itsmembersorstafforanysourcescite.FHASingleFamilyRisksharingPaperPreparedfortheMillennialHousingCommissionFinal–June20

3、02TABLEOFCONTENTSTABLEOFCONTENTS……………………………………………………………………………iLISTOFABBREVIATIONS……………………………………………………………………….iiABOUTTHEAUTHOR……………………………………………………………………………iiiACKNOWLEDGEMENTS…………………………………………………………………………ivI.EXECUTIVESUMMARY………………………………………………………………...1II.FHA’SVALUABLEROLEI

4、NEXPANDINGHOMEOWNERSHIP…………………….11III.CHALLENGESFACINGFHATODAY…………………………………………………..16A.GrowingRiskwithLimitedRiskManagementCapacity…………………………..161.ChangingConventionalMarketAffectsFHA’sPortfolio………………….172.EvidenceofMountingRisk…………………………………………………203.ActuarialAnalysisMa

5、yBeMisleading…………………………………….26a)ActuarialReviewSuggestsaStrongFund………………………….26b)CertainChangesinPortfolioNotTakenintoAccount……………..294.FHA’sAnalyticalToolsareLimitedinComparisontoConventionCounterparts………………………………………………………………..31a)InitialUnderwriting……………………………………………….

6、..31b)PortfolioMonitoring………………………………………………..34c)Servicing……………………………………………………………375.PremiumReductionsRaiseQuestionsaboutWhetherFHAAdequatelyPricesforRisk…………………………………………………38B.OperationalWeaknesses……………………………………………………………39C.SummaryofChallenges……………………………………………………………42I

7、V.UNMETELEMENTSOFFHA’SMISSION:AFFORDABLEANDSUBPRIMELENDING……………………………………………………………………43A.FHANotServingtheNeedsofAffordableLenders……………………………….431.MoreandMorePlayersinAffordableLending……………………………442.BarrierstoUsingFHAforAffordableLending……………………………45a)SpecializedExpertise

8、………………………………………….……45b)CostofFHALending………………………………………………46c)Inflexibility…………………………………………………………46d)Discomfort