CAI Calls on FHA for Stakeholder Input, Transparency in Condo Guidelines

In a letter dated March 1, 2011, Tom Skiba, CAI’s CEO called on FHA to heed it’s own policy recommendations and to engage in publishing draft regulations for stakeholder comment prior to implementing any changes to the existing condominium insurance program. In addition to expressing concerns over the process by which FHA has adopted rules for condominium mortgages, CAI expressed frustration over arbitrary criteria and inconsistent treatment of condominium approvals. To date, CAI has tried to work with FHA staff in addressing emerging issues related to the FHA program, however, the process continues to be plagued by a lack of transparency in process and application of the rules to associations. CAI will follow this letter with outreach to appropriate oversight committees in Congress.
You can read the entire letter here.