Recently the Massachusetts Senate gave final approval on House Bill 4934, sending it along to Governor Deval Patrick. The legislation has been declared emergency law, “necessary for the immediate preservation of the public convenience” as the state continues to struggle with a high rate of foreclosures; it has more than doubled in the past year.
Massachusetts [...]

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 [...]

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 [...]

A reverse mortgage consumer protection bill failed to pass the California Banking and Finance Committee earlier this month.
SB 660 provides that anyone who recommends the purchase of a reverse mortgage owes the borrower a duty of honesty, good faith, and fair dealing.

The U.S. House of Representatives Transportation, Housing and Urban Development, and Related Agencies Appropriations Subcommittee approved the FY 2011 budget and now heads to the full Appropriation Committee.
The subcommittee included a $150 million to support the HECM program during FY 2011 according to the National Reverse Mortgage Lenders Association.  Congressman John W. Olver (D-MA), Chair of [...]

During the National Reverse Mortgage Lenders Association’s policy conference in Washington, its Board of Directors unanimously elected Cheryl MacNally of Wells Fargo Home Mortgage and John Nixon of Bank of America as its new Co-chairs.
Joining MacNally and Nixon on the trade association’s Executive Committee will be Robert Sivori of MetLife Bank and Mark Browning of [...]