The Federal Housing Administration is taking “aggressive actions” to protect seniors that take out FHA-insured reverse mortgages and protect the mortgage insurance fund, according to FHA commissioner Carol Galante.

While Home Equity Conversion Mortgages comprise only 7% of FHA-insured loans, it is generating 17% of the negative economic value of the fund, Galante told the House Financial Services Committee on Wednesday. (The FY 2012 annual actuarial report shows FHA has a negative economic value of $16.3 billion.)

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