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USMI On The Record: Excerpts Of Rohit Gupta’s Testimony On The Complementary Roles Of MI And FHA.pdf

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Preview of USMI on the Record: Excerpts of Rohit Gupta’s Testimony on the Complementary Roles of MI and FHA
🔗 Source: usmi.org
📊 Size: 243 KB
👤 Author: Christopher Smith
⬇️ Downloads: 97

Summary

Rohit Gupta, CEO of Genworth Mortgage Insurance, stated that private mortgage insurance (MI) and FHA can serve as complementary forces, enabling FHA to focus on serving underserved communities. However, FHA's recent decision to lower annual insurance premiums may slow its path to reaching a 2% minimum capital requirement and limit private MI companies' ability to serve the market, increasing taxpayer exposure to housing risk. Gupta noted that the private MI industry has covered $51 billion in claims since the GSEs went into conservatorship, with $44 billion going to GSEs, and that every sector of mortgage finance has higher capital requirements except for FHA. He also stated that lowering premiums by 40% would require a volume increase of more than 40% to be revenue-neutral, which he believes is unlikely.

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Rohit Gupta, CEO of Genworth Mortgage Insurance, stated that private mortgage insurance (MI) and FHA can serve as complementary forces, enabling FHA to focus...

Technical Information

  • File Format: PDF
  • File Size: 243 KB
  • Pages: 1
  • Language: EN
  • Author: Christopher Smith
  • Total Downloads: 97
  • Last Updated: 2 months ago

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