FHA Audit Due Wednesday Morning

Early Wednesday morning the Federal Housing Administration will release a much anticipated audit of its finances, including details about how much capital is left in its single-family reserve fund which covers losses on its massive book-of-business. To date, FHA commissioner David Stevens has vowed that the government's single family insurer will not need tax payment money to weather the recession and housing crisis. "I have read so many stories attacking FHA without relevant data," he told National Mortgage News last month. A spokesman for the agency said it does not anticipate releasing any results that will vary widely from "what we've already signaled." In recent weeks FHA has tightened its underwriting guidelines and taken administrative action against certain lenders that it believes were violating its guidelines.