A congressional subcommittee is holding a hearing this morning in Washington, D.C., to examine modernizing the Federal Housing Administration. The Bush administration's 2007 budget proposes comprehensive reform for the Federal Housing Administration's single-family mortgage insurance. Under this proposal, mortgage insurance premiums will be based on the borrower's credit history, loan-to-value ratio, debt-to-income ratio, and on FHA's historical experience with similar borrowers. The administration believes that this change will decrease premiums for many of FHA's traditional borrowers, thereby increasing their access to home ownership. "The mortgage market has changed dramatically in recent years, creating what is today the world's most sophisticated real estate finance system," Rep. Ro...
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