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Report Blasts FHA Scorecard

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05-22-2006, 10:13 PM

Veronica Corningstone Veronica Corningstone is offline

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Report Blasts FHA Scorecard

A report GAO issued to Congress emphasized FHA made some choices during the development process that could affect TOTAL's effectiveness. FHA neither developed a formal plan for updating TOTAL on a regular basis nor included all the important variables that could help explain expected loan performance, it selected a type of model that limits how the scorecard can be used, and did not base cut points on the loan data used to develop TOTAL, according to the report.

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