Hendershott, Patric H; Waddell, James A - In: The Journal of Real Estate Finance and Economics 5 (1992) 2, pp. 119-32
The 1980s was a bad decade for FHA's Mutual Mortgage Insurance (MMI) program, the mainstay of FHA's single family mortgage insurance. While the MMI Fund is required by statute to be actuarially sound, the Fund lost close to $6 billion dollars, and its economic value declined from 5.3 percent of...