Suhayl's FHA Project


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  • Before the Crash
  • NOTICE: Will be FORECLOSED if mortage not paid
  • After the Crash
  • The Federal Housing Administration is a government agency created by the National Housing Act of 1934. It was created by FDR to regulate interest rates and to control mortgage terms after the bank crash that occured in the 1930's.
  • FHA
  • During the 1930's many houses were foreclosed because of the bank crashes and people being unable to pay their mortgages. Moreover, people were unable to purchase new houses because of the lack of funds and mortgages.
  • FHA
  • The FHA attempted to counteract this lack of homeownership by providing pre existing lenders with insurance to protect them from default. Also, borrowers were given money to help pay their mortgage if they could now meet it. The agency helped secure the housing market and provided relief to millions of Americans.
  • The Program falls under the Reform Category. The goal of the FHA was to secure the housing market. By insuring lenders and helping people pay their mortgages, they attempted to help in a short term manner to house individuals and to create new construction jobs.
  • The FHA was largely successful during the early years of its creation. It helped bankers, saved homes, and helped the economy all in one shot. By 1938, the FHA has backed about 20% of mortgages in the US. The number of families with homes also increased during this period.
  • The FHA still exists today. It currently holds 4.8 million insured single family mortgages around the country and another 13,000 multifamily projects. It primarily attempts to serve people who are unable to afford a regular downpayment or do not qualify for Private Mortgage Insurance. Over the course of its existence it has revolutionized the way the modern mortgage system works. After WWII Congress created the Veterans Administration to work similar to the FHA but for Veterans.
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