Julian Castro, the Department of Housing and Urban Development secretary, told the House Financial Services Committee on Wednesday that he believes the Federal Housing Administrations (FHA) made the right decision last month when it announced it would be reducing its mortgage insurance premiums.
The half-point premium reduction is expected to save two million households more than $2 billion over the next three years, as well as attract more than 250,000 new borrowers to the housing market.
“With FHA firmly on the right track, our responsibility now is to provide responsible borrowers, who are ready to buy, with affordable options to purchase a home,” Castro said.
Image via flickr/US Department of Labor
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