Recent Attacks on FHA Are Wrongheaded
The onslaught began last month after the agency released a sobering financial report, then accelerated last week when the New York Times reported on an alleged “pattern of risky lending” in the agency’s mortgage insurance program.
The Times piece, penned by columnist Gretchen Morgenson, relays the findings of a controversial new report from Edward Pinto of the conservative American Enterprise Institute. Pinto’s study takes on an important issue—the performance of FHA-insured home loans—but draws conclusions based on ideology rather than a cold appraisal of the facts. By relying entirely on one man’s misleading data and unfounded opinions, Morgenson has done a grave disservice to a critical federal program.
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This article was originally published in American Banker.
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