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 2005 using data as of March 31, 2005.

Sections

Table of Contents (WORD)

Executive Summary (PDF) (WORD)

• I. Introduction (PDF) (WORD)
• II. Summary of Findings and Comparison with Fiscal Year 2004 (PDF) (WORD)
• III. Current Status of the Fund (PDF) (WORD)
• IV. Characteristics of the FY 2005 Book of Business (PDF) (WORD)
• V. MMI Fund Sensitivities (PDF) (WORD)
• VI. Summary of Methodology (PDF) (WORD)
• VII. Considerations and Limitations (PDF) (WORD)
• VIII. Conclusions (PDF) (WORD)

• A. Economic Analysis of Mortgages (PDF) (WORD)
• B. Cash Flow Analysis (PDF) (WORD)
• C. Data for Loan Performance Simulation (PDF) (WORD)
• D. Economic Forecasts (PDF) (WORD)
• E. Econometric Results (PDF) (EXCEL)