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The Federal Housing Administration (FHA) is a United States government agency created as part of the National Housing Act of 1934. It sets standards for construction and underwriting and insures loans made by banks and other private lenders for home building. The goals of this organization are to improve housing standards and conditions, provide an adequate home financing system through insurance of mortgage loans, and to stabilize the mortgage market. The Acting Commissioner of the FHA is Biniam Gebre. It is different from the Federal Housing Finance Agency (FHFA), which supervises government-sponsored enterprises. ==History== During the Great Depression many banks failed, causing a drastic decrease in home loans and ownership. At this time, most home mortgages were short-term (three to five years), with no amortization, and balloon instruments at loan-to-value (LTV) ratios below sixty percent.〔Monroe 2001, p. 5〕 The banking crisis of the 1930s forced all lenders to retrieve due mortgages; refinancing was not available, and many borrowers, now unemployed, were unable to make mortgage payments. Consequently, many homes were foreclosed, causing the housing market to plummet. Banks collected the loan collateral (foreclosed homes) but the low property values resulted in a relative lack of assets. In 1934 the federal banking system was restructured. The National Housing Act of 1934 created the Federal Housing Administration. Its intent was to regulate the rate of interest and the terms of mortgages that it insured. These new lending practices increased the number of people who could afford a down payment on a house and monthly debt service payments on a mortgage, thereby also increasing the size of the market for single-family homes.〔Garvin 2002〕 The FHA calculated appraisal value based on eight criteria and directed its agents to lend more for higher appraised projects, up to a maximum cap. The two most important were "Relative Economic Stability", which constituted 40% of appraisal value, and "protection from adverse influences", which made up another 20%. In 1935, Colonial Village in Arlington, Virginia, was the first large-scale, rental housing project erected in the United States that was Federal Housing Administration-insured.〔(【引用サイトリンク】title=National Register of Historic Places Inventory/Nomination: Monroe Courts Historic District )〕 During World War II, the FHA financed a number of worker's housing projects including the Kensington Gardens Apartment Complex in Buffalo, New York. In 1965 the Federal Housing Administration became part of the Department of Housing and Urban Development (HUD). Following the subprime mortgage crisis, FHA, along with Fannie Mae and Freddie Mac, became a large source of mortgage financing in the United States. The share of home purchases financed with FHA mortgages went from 2 percent to over one-third of mortgages in the United States, as conventional mortgage lending dried up in the credit crunch. Without the subprime market, many of the riskiest borrowers ended up borrowing from the Federal Housing Administration, and the FHA could suffer substantial losses. Joshua Zumbrun and Maurna Desmond of ''Forbes'' have written that eventual government losses from the FHA could reach $100 billion.〔(Lending Over Backward ), Forbes〕〔(The Next Hit: Quick Defaults ), The Washington Post〕 The troubled loans are now weighing on the agency’s capital reserve fund, which by early 2012 had fallen below its congressionally mandated minimum of 2%, in contrast to more than 6% two years earlier.〔(House Bill Aims to Save FHA Mortgage Insurance Fund in “Crisis" )〕 By November 2012, the FHA was essentially bankrupt. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Federal Housing Administration」の詳細全文を読む スポンサード リンク
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