In the ongoing push among Congress members to reform the Federal Housing Administration, some are saying 2013 must be the year for change.
Yet the change will not come easily, according to a Bloomberg News report.
Congress has weighed an FHA reform bill as well as specific policy changes including premium increases, and reverse mortgage product changes that have already taken place. But more change is in order before the end of the fiscal year, Congressman Scott Garrett (R-N.J.) said this week before attendees of the Milken Institute Global Conference in Beverly Hills, California, this week as reported by Bloomberg News.
Referring to FHA’s majority position in the market for mortgage finance, Garrett said the House will likely pass a reform bill, which will face opposition by the Senate.
“We should be able to get GSE reform and FHA reform done in this calendar year. We’ll get it done in the House and send it over to the Senate, where normally all good bills go to die,” Garrett said, according to the Bloomberg report.
Written by Elizabeth Ecker