Publisher's Synopsis
Excerpt from Actuarial Soundness of the Federal Housing Administration's Mutual Mortgage Insurance Fund: Hearing Before the Subcommittee on Housing and Community Development of the Committee on Banking, Finance and Urban Affairs, House of Representatives, One Hundred Third Congress, Second Session, June 30, 1994
And today, happily, because the numbers are coming back, we perhaps don't look as much at the black box model that adds up to the numbers that we want to see at the bottom of the line. I think we need to explore to some extent the volatility of that, and I might note that in the executive summary of Price Waterhouse, which I have had a chance to look at, I am pleased to note that you do talk about the uncertainties and the variables that are not possible to measure, the lack of appraisals, and the assumptions that you make.
I think this is very helpful for us to realize, not just when we were doubtful about the results for a model, but also when we are utilizing them. Perhaps more importantly, we are utilizing them to - in fact, as the base for moving forward to resume the role of fha We need to look very closely at this.
The truth is, of course, that because of the nature of events, the last years, we were always waiting for the next report to come out in terms of giving us a signal, the other shoe to drop, so to speak. And I know, Mr. Chairman, in your materials that you provided the members of the subcommittee, that you are pointing out the gao is now coming out with a report in September.
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