As the Federal Housing Administration (FHA) nears the end of its 2010 fiscal year on Sept. 30, 2010, FHA insurance in force is set to break the $1 trillion threshold. For perspective, FHA's insurance in force at fiscal year-end 2005 was $359.27 billion. By 2006, FHA market share had fallen below 3 percent.

Several years ago, as the industry debated FHA's future, no one could have foreseen the prospects of FHA insuring $1 trillion in mortgages. But true to its legislative origins, FHA has met its counter-cyclical challenge and is providing much-needed market stability.

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