Actuarial Soundness of FHA's Single-Family Mortgage Insurance Program

T-RCED-93-64: Published: Jul 27, 1993. Publicly Released: Jul 27, 1993.

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GAO discussed the actuarial soundness of the Mutual Mortgage Insurance Fund, which is administered by the Federal Housing Administration (FHA). GAO noted: (1) poor program management, waste, fraud, and abuse have contributed to the losses sustained by the fund; (2) the absence of internal controls over FHA single-family property disposition management systems has allowed private real estate agents to steal million of dollars in FHA funds; (3) as of September 30, 1991, the fund had an economic net worth of -$1.4 billion and a resulting capital reserve ratio of -0.46 percent; and (4) the economic net worth of the fund for fiscal year 1992 has improved.

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