U.S. Rep. to housing chief: You’re in violation of the law

Julian Castro

ByJulian Castro Vicki Needham | The Hill

The nation’s top housing official on Wednesday tried to reassure concerned House Republicans that his latest policy moves will bolster the long-term financial health of the Federal Housing Administration (FHA).

Republicans grilled Housing and Urban Development Department Secretary Julian Castro during a House hearing about his recent decision to lower mortgage insurance premiums despite the FHA falling short of its capital reserve requirement.

House Financial Services Committee Chairman Jeb Hensarling (R-Texas) and several other GOP members of the panel told Castro that the agency is breaking the law and needs to do everything possible to reach its 2 percent requirement.

“The FHA continues to violate federal law by keeping a woefully insufficient capital reserve and right after receiving its first-ever taxpayer bailout,” Hensarling said. “This cannot be allowed to stand.”

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