In this week’s Reverse Focus podcast, Shannon Hicks discusses a hearing last week before the Senate Banking Committee, where senators said they are concerned but willing to assist the Federal Housing Administration (FHA) make changes to its reverse mortgage program.
President of the National Reverse Mortgage Lenders Association (NRMLA) Peter Bell fielded questions from committee members Senator Bob Corker (R-Tenn) and Senator Robert Menendez (D-N.J.) addressing program changes.
Hicks also turns to the Consumer Financial Protection Bureau (CFPB), which is finding itself in “legal jeopardy” as a result of President Obama’s recess appointment of CFPB Director Richard Cordray, with Republican members of Congress calling the appointment “unconstitutional.”
Also covered in the podcast, Minnesota Attorney General Lori Swanson expressed concerns about reverse mortgages in a recent news segment, saying there are “dangers” to the home equity-tapping loans.
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- Senators willing to make changes to reverse mortgage program
- CFPB in “Legal Jeopardy”
- Foreclosure activity down last year
- Minnesota Attorney General wants to “put brakes” on reverse mortgages
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Editor’s Note: These posts are sponsored by Reverse Focus.