Here’s what happened in reverse mortgage news in the short week before we skipped town to celebrate the holiday with family and friends…
Congress said “Yes” to Housing Counseling Funds. Not quite fully restored, from its previous allocation, but the impact should be a good thing for HECM counseling agencies, which have been operating for the past two months under an unfunded mandate.
The Super Committee Failed… but the jury is out on what it means for FHA. Failing to meet its task of $1.5 trillion in cutting back the federal deficit, the impact on the government barring future congressional action will be across-the-board cuts to government agencies. The reality of such cuts is still unknown, however, since they won’t kick in until 2013, following the presidential election in 2012.
…and what better time to give thanks? Reverse mortgage lender Security One Lending and its community service arm, CommunityONE is thanking all who participated in its volunteer efforts for Boston Rescue Mission in October when industry participants gathered for the National Reverse Mortgage Lenders Association conference, and took the opportunity to give back. (Watch volunteers in action here.) S1L thanks all participants and looks forward to its next volunteer efforts for Good Samaritans Children’s Home in Malawi, Africa.
Wishing readers a very happy Thanksgiving holiday and we will see you back here on Monday.
—The RMD team