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 [...]

The Senate Appropriations Committee included $150 million for the Federal Housing Administration’s reverse mortgage program in the US Department of Housing and Urban Development’s FY 2011 budget, matching the amount provided by the House.
Next the bills head to the full House and Senate for vote.  If each passes, House and Senate appropriation conferees will have [...]

Along with new oversight of the reverse mortgage industry, passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act (H.R. 4173) brings new appraisal independence requirements and grant funding for state oversight and enforcement of the regulations.
“This bill will mean good news for consumers because they should see more reliable home appraisals,” said Leslie Sellers, President of [...]

President Obama signed the the Dodd-Frank Act, the most sweeping financial reform since the Great Depression on Wednesday.
“With this law, we’ll crack down on abusive practices in the mortgage industry,” said the President during the bill signing ceremony.  ”We’ll make sure that contracts are simpler, putting an end to many hidden penalties and fees in complex mortgages [...]

The House Committee on Appropriations passed the FY 2011 Transportation, Housing and Urban Development bill on Tuesday and included $150 million to support the Federal Housing Administration’s reverse mortgage program.
While the Obama Administration requested $250 million to support the HECM program, the appropriations committee provided the $150 million to ”support elderly homeowners and assist them in [...]

The Pennsylvania Department of Banking released new policy for the reverse mortgage industry to define proper conduct of lenders and help protect the states older homeowners.
“Because reverse mortgage products are specifically designed for — and marketed to – older residents, we feel a particular responsibility to safeguard their interests by making sure that they are [...]

Despite receiving $150 million from the House Appropriators Subcommittee for the HECM program, industry insiders stressed to RMD the appropriations process is a long way from over and there is still lots of work to be done.
There is no doubt that getting $150 million was a good step in the right direction according to Jeff [...]