This presentation is based on FHA’s  2011  Actuarial  Review and Combining  Rosy  Scenarios and Mission  Gallop with the following contents.

1. Policies  set  by  Congress  are  at  the  core  of  FHA’s  problems.
2. FHA  is  effectively  insolvent.
3. Rosy  scenarios  are  used  to  inflate  future economic  value.
4. Non‐rosy  scenarios  lead  to  large  bailouts.
5. FHA  is  dangerously  overextended.
6. FHA been operating in violation of Congress’  minimum capital requirements for 3+ years.
7. FHA  mission  creep  to  mission  gallop.
8.   Market  share  projected  to remain  high  through  2018.
9. FHA  is  now  crowded  in.