Comments on: MBA Speaks to House Financial Services Committee About HECM Program http://reversemortgagedaily.com/2009/12/04/mba-speaks-to-house-financial-services-committee-about-hecm-program/ Reverse Mortgage News and Information Sat, 26 May 2012 06:42:00 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: The_Critic http://reversemortgagedaily.com/2009/12/04/mba-speaks-to-house-financial-services-committee-about-hecm-program/comment-page-1/#comment-34947 The_Critic Mon, 07 Dec 2009 23:01:59 +0000 http://reversemortgagedaily.com/2009/12/04/mba-speaks-to-house-financial-services-committee-about-hecm-program/#comment-34947 I could not agree more. I could not agree more.

]]> By: jamesanelson http://reversemortgagedaily.com/2009/12/04/mba-speaks-to-house-financial-services-committee-about-hecm-program/comment-page-1/#comment-34942 jamesanelson Mon, 07 Dec 2009 19:45:47 +0000 http://reversemortgagedaily.com/2009/12/04/mba-speaks-to-house-financial-services-committee-about-hecm-program/#comment-34942 ANY Administration that fails to attend to the financial needs of Seniors will pay a price at the next National Election. Seniors vote and they DO take note of those who recognize their genuine need. Is it too much to ask to enable Seniors to die with dignity in their own homes? ANY Administration that fails to attend to the financial needs of Seniors will pay a price at the next National Election. Seniors vote and they DO take note of those who recognize their genuine need. Is it too much to ask to enable Seniors to die with dignity in their own homes?

]]> By: James_E_Veale_CPA_MBT http://reversemortgagedaily.com/2009/12/04/mba-speaks-to-house-financial-services-committee-about-hecm-program/comment-page-1/#comment-34905 James_E_Veale_CPA_MBT Sat, 05 Dec 2009 00:48:21 +0000 http://reversemortgagedaily.com/2009/12/04/mba-speaks-to-house-financial-services-committee-about-hecm-program/#comment-34905 Where was the MBA as Congress passed two appropriations bills each of which mandated a reduction in principal limits? While I respect the MBA generally, its understanding of our program and appreciation of the difficulties for FHA in administrating the program are not as strong as would be expected.<br><br>I certainly hope the MBA and NRMLA will be able to find better long-term solutions that Congress will not overrule in future appropriations legislation. With an Administration which seems to ignore the plight of seniors in this current housing crisis, we need our two industry trade associations to work harmoniously in presenting our case to Congress. This last experience shows our program is not in the good graces of Congress as was anticipated by industry leaders when predictions were made that any shortfall would be fully funded by Congress.<br><br>It is hard to believe that the Administration failed to work with Congress to find a way to fund the HECM alleged shortfall. While FHA continues to wholeheartedly support the HECM program, this Administration seems far less inclined. Where was the MBA as Congress passed two appropriations bills each of which mandated a reduction in principal limits? While I respect the MBA generally, its understanding of our program and appreciation of the difficulties for FHA in administrating the program are not as strong as would be expected.

I certainly hope the MBA and NRMLA will be able to find better long-term solutions that Congress will not overrule in future appropriations legislation. With an Administration which seems to ignore the plight of seniors in this current housing crisis, we need our two industry trade associations to work harmoniously in presenting our case to Congress. This last experience shows our program is not in the good graces of Congress as was anticipated by industry leaders when predictions were made that any shortfall would be fully funded by Congress.

It is hard to believe that the Administration failed to work with Congress to find a way to fund the HECM alleged shortfall. While FHA continues to wholeheartedly support the HECM program, this Administration seems far less inclined.

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