The US House of Representatives passed the Transportation, Housing and Urban Development (THUD) appropriations bill for FY 2011 by a vote of 251 to 167 on Thursday.
When the debate began, the Federal Housing Administration’s reverse mortgage program had a $150 million appropriation but passed with $140 million. While the number may be lower, debate among members of the House proved that representatives in Washington, DC, are getting behind the program.
Rep. E.B. Johnson, D-Texas, introduced an amendment to increase funding for HUD’s Community Development Grant program by $10 million and reduce funding for the Mutual Mortgage Insurance Program by the same amount. The money would be taken from the reverse mortgage program.
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Bank of America Merrill Lynch is looking to sell a $92 million bond backed by “troubled” reverse mortgages backed by the Federal Housing Administration according to
I’m sure the majority of RMD readers saw MSNBC’s “Consumer Man”