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ICYMI: Committee Warns of Repeating Mistakes That Led to Financial Crisis

Washington, Feb 12 -

American Banker: Republicans Hammer Castro Over FHA Premium Reduction
"Don't you care about those people? Are you so inclined to write more loans that you are just trying to entice them for $20 or $30 to get into a house that they can't afford?"

"This is what brought us to this crisis in the first place and you are going down the exact same road."

- Subcommittee Chairman Scott Garrett (R-NJ)

Housing Wire: HUD's Castro grilled on FHA premiums, capital strength
“HUD is not in compliance with the law, and you should do everything you can to get there more quickly.”

- Subcommittee Chairman Sean Duffy (R-WI)

Reuters: U.S. housing secretary defends reduction in mortgage insurance fees
"We've had this whispered into our ear before it hasn't proven true, and again you are in violation of the law that is there to protect taxpayers and home owners and that has got to stop."

- Chairman Jeb Hensarling (R-TX)

MReport: HUD Chief Faces Questions on FHA’s Financial Position
"If a private company operated the way FHA operates, it would be shut down." 

"Much of the capital FHA does hold has come from a taxpayer bailout and Justice Department settlements. I fear that has created a false sense of security surrounding the fiscal health of the agency. In spite of all this, the agency has decided to lower mortgage insurance premiums. This policy change squeezes what could be a more robust private industry out of the market and increase taxpayer exposure."

- Subcommittee Chairman Blaine Luetkemeyer (R-MO)

The Hill: Castro grilled over lowering mortgage insurance premiums
"It seems you should be looking more toward getting the reserves up."

- Rep. Ed Royce (R-CA)

Wall Street Journal: HUD Secretary Defends Decision to Lower FHA Fees
“After all these years, at what point does HUD and the FHA intend to follow the law?”

- Chairman Jeb Hensarling (R-TX)
 

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