WASHINGTON — The Federal Housing Administration forward mortgage program is "doing extremely well," and recent changes to its reverse mortgage program “will stop the bleeding” in losses to the agency, Housing and Urban Development Secretary Ben Carson said Thursday.

Speaking at a House Financial Services Committee hearing, Carson said the FHA fund is “very close” to its statutory 2% minimum but performing adequately. He said the agency has delayed making any major changes to the program while it waits for the nomination and confirmation of key appointments.

Subscribe Now

Authoritative analysis and perspective for every segment of the credit union industry

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.