The National Affordable Housing Act requires an independent actuarial analysis of the economic net worth and soundness of the FHA's Mutual Mortgage Insurance Fund. This actuarial report presents the findings with respect to the required analysis for fiscal year 2004 using data as of March 31, 2004.

Sections

Executive Summary

	I. Introduction
	II. Summary of Findings and Comparison with Fiscal Year 2003
	III. Current Status of the Fund
	IV. Characteristics of the FY 2004 Book of Business
	V. MMI Fund Sensitivities
	VI. Summary of Methodology
	VII. Considerations and Limitations
	VIII. Conclusions

• A. Economic Analysis of Mortgages
• B. Cash Flow Analysis
• C. Data for Loan Performance Simulation
• D. Economic Forecasts
• E. Econometric Results Tables
• E. Econometric Results Tables cont'd