The latest independent audit of the Federal Housing Administration shows the agency experienced better than anticipated credit quality of borrowers and an improved house price appreciation forecast in the short term. The audit, prepared by Clifton Gunderson, estimates the liability for the Mutual Mortgage Insurance (MMI) decreased from $28,456 million at the end of fiscal year 2009 to $26,035 million at the end of fiscal year 2010.
FHA audit shows credit quality improvement, HECM liability increase
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