Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Reverse Mortgage Bill Passes House
WASHINGTON (6/13/13)--The Reverse Mortgage Stabilization Act (H.R. 2167), which would allow the Secretary of Housing and Urban Development (HUD) to alter the Federal Housing Administration's (FHA) "reverse mortgage" insurance program, passed the U.S. House by voice vote on Wednesday.

The bill is intended to help HUD make quicker changes to its Home Equity Conversion Mortgage (HECM) program. Home Equity Conversion Mortgages (HECMs) are federally insured reverse mortgages backed by the U.S. Department of Housing and Urban Development.

Currently, HUD changes to this program require a lengthy 18-month regulatory process before they can become final.  The bill was introduced by Reps. Mike Fitzpatrick (R-Pa.) and Denny Heck (D-Wash.), members of the House Financial Services Committee.

H.R. 2167 would allow the HUD secretary to make administrative and policy changes to the Home Equity Conversion Mortgage Program through a mortgagee letter "when immediate changes are necessary to improve the fiscal safety and soundness of the program," according to a House Financial Services Committee release announcing the  vote.

The bill requires Senate approval before it can be signed into law.

For more on the bill, use the resource link.
Other Resources

H.R. 2167
RSS print
News Now LiveWire
Hensarling: "Post Dodd-Frank we've seen community banking wither on the vine under regulatory burden, w/ costs passed to low income buyers"
57 minutes ago
Rep. Capito on #HR5148: This is common sense reform...could work well in areas with avg home price less than $200K, would help those buyers
58 minutes ago
.@FinancialCmte is now discussing #HR5148. Act would amend TILA to exempt high-risk mortgages from property appraisal reqs
1 hours ago
Reps. Hensarling and Luetkemeyer have pledged to ensure #creditunion parity before #HR4042 sees action on House floor
1 hours ago
The @FinancialCmte has ordered a recorded vote for #HR4042. There will be no #creditunion amendment to the bill.
1 hours ago