Senators call on FHA to lower mortgage costs

mortgages

mortgagesJoe Light | Wall Street Journal

A group of 18 senators—all Democrats and an independent—in a letter on Thursday called on Department of Housing and Urban Development Secretary Julián Castro to lower mortgage costs charged by the Federal Housing Administration.

The letter, signed by Sens. Barbara Boxer (D., Calif.), Robert Menendez (D., N.J.), Charles Schumer (D., N.Y.) and others, said the agency’s improving finances warranted a premium reduction.

“We congratulate you on the vast improvement in the FHA’s financial position and urge you to use this opportunity to ensure that premiums are set at a level that balances both sustainability and affordability,” wrote the senators in the letter.

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