View or download a PDF of the letter here.

The Honorable Marcia L. Fudge
Secretary
U.S. Department of Housing and Urban Development
451 Seventh Street, SW
Washington, D.C. 20410  

Dear Secretary Fudge, 

The United States housing market is facing rising mortgage interest rates and the risk of increased  unemployment. FHA will play a key role in making mortgage money available to homebuyers and  keeping FHA insured homeowners in their homes. 

At this critical time, we urge you to act on two urgent measures: 

Lower the FHA Mortgage Insurance Premium by 25 to 35 basis points. This will increase  the affordability of FHA insured mortgages. As you know, FHA is the most common mortgage  for people of color in the United States and increasing the band of affordability will keep the door  of homeownership for more people. 

End the life of loan requirement on the FHA Mortgage Insurance Premiums. This will end  a wealth draining burden for lower downpayment homeowners. This will also reduce the  homeowner’s monthly payment, which will help them weather any potential economic  downturn. One lesson we clearly learned from the foreclosure crisis is that lower monthly house  payments prevent foreclosures. And this will have a positive impact on homeowners of color and  help them build wealth.  

We appreciate all the important work HUD has been doing to address homeownership opportunity and  stability, especially with the lens on equity. We look forward to working with you and your team to  continue to support America’s housing consumers.