The recent actuarial review of the financial status of FHA’s home equity conversion mortgage (HECM) insurance fund revealing a deficit of $2.8 billion has generated considerable attention in Congress and elsewhere. Some commentators have suggested that the deficit was a reason for curtailing the program. This article is directed to the question of what the reaction to the actuarial report ought to be, and to the broader question of what needs to be fixed in the HECM program.

The actuarial report

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