March 10, 2010 / 9:46 PM / 9 years ago

U.S. FHA chief says FHA not next subprime

WASHINGTON, March 10 (Reuters) - Capital reserves of the Federal Housing Administration have fallen too swiftly but loans backed by the government agency are not the next “subprime” mortgage crisis waiting to happen, Federal Housing Administration chief David Stevens said on Wednesday.

“While its Capital Reserve Account has decreased too quickly, FHA is not ‘the next subprime’ as some have suggested,” Stevens said in prepared testimony to the House Financial Services Subcommittee on Housing and Community Opportunity. The panel posted his testimony, scheduled for delivery at a hearing on FHA reform on Thursday, on its website.

Reporting by Corbett B. Daly

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