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Housing agency reports record financial cushion as it braces for market downturn

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The FHA doesn’t issue mortgages but insures lenders against losses. Borrowers can pay for insurance on mortgages with down payments of as little as 3.5%.

It is unclear how much the FHA would cut premiums charged for the loans they insure, but a reduction is a priority of industry groups and consumer advocates. Industry officials are asking for cuts that would save new borrowers $50 to $70 a month, The Wall Street Journal reported in July.

"At a time of record-high housing costs, mortgage insurance premiums cuts would further spur demand and increase home prices while putting taxpayers on the hook for bad credit risk," Pennsylvania Sen. Pat Toomey, the ranking GOP member of the Senate Banking Committee, said earlier this year. More recently, though, rapidly rising mortgage rates boosted borrowing costs for prospective home buyers and pushed many out of the market. Home sales dropped for an eighth straight month in September.mortgage rates

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I was told bull market. May I please have my stapler.

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