{"id":30723,"date":"2015-02-11T13:43:58","date_gmt":"2015-02-11T21:43:58","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=30723"},"modified":"2020-10-06T17:08:35","modified_gmt":"2020-10-07T00:08:35","slug":"clumsy-castro-and-the-fha","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/clumsy-castro-and-the-fha\/","title":{"rendered":"Castro&#039;s Clumsiness Isn&#039;t Helping the FHA"},"content":{"rendered":"<p><figure id=\"attachment_30736\" aria-describedby=\"caption-attachment-30736\" style=\"width: 495px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2015\/02\/Castro.jpg\"><img fetchpriority=\"high\" decoding=\"async\" class=\" wp-image-30736\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2015\/02\/Castro.jpg\" alt=\"Castro\" width=\"495\" height=\"356\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2015\/02\/Castro.jpg 495w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2015\/02\/Castro-300x216.jpg 300w\" sizes=\"(max-width: 495px) 100vw, 495px\" \/><\/a><figcaption id=\"caption-attachment-30736\" class=\"wp-caption-text\">Housing and Urban Development Secretary Julian Castro speaks to lawmakers on the House of Representatives Financial Services Committee.<\/figcaption><\/figure><br \/>\nAbout one in five single-family loans are backed by the Federal Housing Administration (FHA), a government program for homebuyers who aren&#8217;t rich. The guy in charge\u00a0of that market \u2014 more than $134 billion in new mortgages and refis last year \u2014\u00a0is Housing and Urban Development Secretary Julian Castro.<br \/>\nToday, congressional lawmakers accused Castro&#8217;s agency of predatory lending, dressed him down for the FHA&#8217;s high default rate and questioned his recent move to cut borrowing costs. Republicans on the House Financial Services Committee called the agency&#8217;s low capital reserve &#8220;criminal.&#8221;<br \/>\nThe script was wholly predictable, but Castro fumbled his lines. He didn&#8217;t know the agency&#8217;s serious delinquency rate (7%) or the share of mortgages behind on their payment (14%). He couldn&#8217;t quite explain the difference between the FHA and private mortgage insurers who profit from far lesser risk taking. He played clumsy defense and he missed a chance to highlight the FHA&#8217;s value to housing and the economy.<br \/>\nYes, FHA has some serious problems. Big among them is Wall Street. The agency currently is accountable for some $1.1 trillion in outstanding loans in part because the credit machine that pumped up home values a few years ago isn&#8217;t lending enough. Everyone agrees the FHA is too big, but that&#8217;s not by design. It&#8217;s because the agency provided credit when the private sector wouldn&#8217;t.<br \/>\nCongress and the Obama administration also bear blame. The mortgage system is flying on a wing and a prayer. Until Washington and Wall Street can get their act together for a big fix, we need the FHA.<br \/>\n&#8220;It has been a real friend to this country,&#8221; said Rep. Al Green, a Texas Democrat. Castro couldn&#8217;t have said it better himself.<br \/>\n<strong><span style=\"font-family: 'Georgia',serif;color: #333333\">Other popular posts:<\/span><\/strong><\/p>\n<p style=\"text-align: start\"><span style=\"font-family: 'Georgia',serif;color: #333333\"><span style=\"font-family: 'Georgia',serif;color: #333333\">1.\u00a0<a href=\"https:\/\/redfin.com\/blog\/senior-guide-for-decluttering\">Senior Guide for Decluttering and Feeling at Home in a Retirement Home<\/a><\/span><\/span><\/p>\n<p style=\"text-align: start\"><span style=\"font-family: 'Georgia',serif;color: #333333\"><span style=\"font-family: 'Georgia',serif;color: #333333\">2.\u00a0<a href=\"https:\/\/redfin.com\/blog\/vegan-cruelty-free-home-guide\">How to Make Your Home 100% Cruelty-Free and Vegan<\/a><\/span><\/span><\/p>\n<p style=\"text-align: start\"><span style=\"font-family: 'Georgia',serif;color: #333333\"><span style=\"font-family: 'Georgia',serif;color: #333333\">3.\u00a0\u00a0<a href=\"https:\/\/redfin.com\/blog\/soundproof-your-home-for-playing-music\">Simple Soundproofing Tips for the Musician&#8217;s Home<\/a><\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Congressional lawmakers grilled HUD Secretary Julian Castro about the FHA&#8217;s high default rate and questioned his recent move to cut borrowing costs. <\/p>\n","protected":false},"author":13355,"featured_media":30736,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8],"tags":[71,32,74,19],"coauthors":[79,198,206,163],"class_list":["post-30723","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-celebrity","tag-housing-market-tracker","tag-mortgage-tips","tag-politics"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.4) - 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