* Safeguarding FHA capital could help private market grow
Feb 28 (Reuters) - The U.S. Federal Housing Administration faces "considerable risks" to its finances and the Obama administration will continue to scale back the agency's presence in the mortgage market, the top U.S. housing official said on Tuesday.
Housing and Urban Development Secretary Shaun Donovan told Congress that efforts to protect the FHA's dwindling capital reserves were not only important in their own right, but that they could open the door to more private mortgage funding.
"Despite the unprecedented efforts of the (Obama) administration to alter the trajectory of FHA, considerable risks remain," he told the Senate Banking Committee.
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