The Federal Housing Administration had enough money in its reserves for the first time since 2008, the U.S. Department of Housing and Urban Development revealed Monday.
HUD delivered the news in its annual report to Congress on the financial condition of the FHA's Mutual Mortgage Insurance Fund. The department reported an independent analysis found the fund's capital ratio stood at 2.07%. The FHA is legislatively required to maintain a capital ratio of at least 2.00%.
The ratio measured how much in reserves, as a proportion of its loan guarantees, the FHA would have on hand after covering expected losses.
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