Federal Housing Administration Commissioner David H. Stevens today announced plans to implement a set of credit policy changes that will enhance the agency's risk management functions, including the FHA's first-ever chief risk officer.

The actions come as the agency braces itself for a congressional study that's expected to show the FHA's capital reserve ratio dropping below the 2% congressionally-mandated minimum.

The changes include tighter rules for appraisals and institutions that wish to do business with the FHA, and will be effective Jan. 1.

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