April 16, 2012
As ordered reported by the House Committee on Financial Services on March 27, 2012
H.R. 4264 would make several changes to current law aimed at improving the financial safety and soundness of the Federal Housing Administration’s (FHA’s) single-family program. That program offers federal guarantees on certain home mortgages; cash flows associated with the loan
guarantees are recorded in the budget in the Mutual Mortgage Insurance Fund (MMIF). The bill would require an independent actuarial review of the MMIF during periods when the fund’s capital ratio falls below 2 percent, establish positions related to risk management at FHA and the Government National Mortgage Association, and require FHA to make other administrative changes to the processes they use to oversee the single-family program.
CBO estimates that implementing H.R. 4264 would cost $11 million over the 2013-2017 period, subject to the availability of appropriated funds. This legislation would not affect direct spending or revenues; therefore, pay-as-you-go procedures do not apply.
H.R. 4264 contains no intergovernmental or private-sector mandates as defined in the Unfunded
Mandates Reform Act and would impose no costs on state, local, or tribal governments.