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Is the Federal Housing Administration the Next Bailout?

POLICY FORUM
Thursday, December 13, 2012
Noon (Luncheon to Follow)

Featuring Mark Calabria, Director, Financial Regulation Studies, Cato Institute; Edward Pinto, Resident Fellow, American Enterprise Institute, Former Chief Credit Officer, Fannie Mae; and Michael Fratantoni, Vice President, Research and Economics, Mortgage Bankers Association of America; moderated by Alan Zibel, Reporter, Wall Street Journal.

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While Fannie Mae, Freddie Mac, and private lenders have deservedly garnered the bulk of attention and blame for the mortgage crisis, other federal programs also distort our mortgage market and put taxpayers at risk. The most prominent of these agencies is the Federal Housing Administration (FHA). The FHA currently backs an activity portfolio of over $1 trillion. Relatively small changes in the performance of the FHA's portfolio could result in significant losses. As the taxpayer is, by law, obligated for any losses under FHA, these are not losses that can be avoided. Reasonably foreseeable changes to FHA's performance could easily cost the taxpayer tens of billions of dollars, surpassing the ultimate cost of the Troubled Asset Relief Program bank bailouts. The panel will examine the fiscal health of FHA and examine policy proposals for reducing both the likelihood and severity of a taxpayer rescue of FHA.

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Feeds for Cato events: RSS • iCal

RESERVATIONS ARE REQUIRED FOR ALL CATO INSTITUTE EVENTS

To register or for more information, call (202) 789-5229, fax (202) 371-0841, or send email.

Business attire is requested.

For more information about Cato events, please visit Event FAQs.

The Cato Institute is located on the southwest corner of Massachusetts Avenue and 10th Street.
There is on-street, metered parking around the Institute, as well as a lot located on the corner
of Eye and 10th Streets. We are approximately 5 blocks from Metro Center. Take the metro to Metro
Center and use the 11th Street exit. Walk north so the lettered streets get higher (H, Eye, K, L,
Massachusetts). Make a right on L Street, and walk about 1 block. (See map)

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