HUD Inspector General Warns Congress About HECMs

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Mortgage and Lending with Reverse Mortgage Concepts

James A. Heist, assistant inspector general for HUD, testified before the Committee on Financial Services about concerns throughout the FHA program as the volume of insured single-family mortgages tripled from $59 billion in fiscal year 2007 to more than $180 billion in fiscal year 2008, which ended Sept. 30, 2008.

He cited a critical need for more personnel and resources for the FHA. The increased demand is having "collateral implications for the integrity" of the Ginnie Mae mortgage-backed securities program. HUD "needs to consider the downstream risks to investors and financial institutions" Heist added.

Increased demand on the Federal Housing Administration could lead to fraud and collateral risk in the HECM program, a HUD assistant inspector general warned a Congressional committee on Jan. 9.

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Mchael Manfredi is an Reverse Mortgage Specialist

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