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 2008 using data as of March 31, 2008. The FY2008 report was done by Integrated Financial Engineering, Inc. of Rockville, Maryland.

Sections

Letter of Submission by IFE, Inc. to the FHA Commissioner (PDF) (WORD)

Cover, Actuarial Review and Table of Contents (PDF) (WORD)

Executive Summary (PDF) (WORD)

• I. Introduction (PDF) (WORD)
• II. Summary of Findings (PDF) (WORD)
• III. Current Status of the MMI Fund (PDF) (WORD)
• IV. Characteristics of the FY 2007 Book of Business (PDF) (WORD)
• V. MMI Fund Sensitivities (PDF) (WORD)
• VI. Summary of Methodology (PDF) (WORD)
• VII. Qualifications 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 Simulations (PDF) (WORD)
• D. Economic Forecasts (PDF) (WORD)
• E. Econometric Results (PDF) (EXCEL)