Witness List Revealed for Upcoming House HECM Hearing

A day in advance of a scheduled Home Equity Conversion Mortgage program hearing before the U.S. House of Representatives Financial Services Committee, the committee has released the names of the four witnesses who will provide testimony and answer questions from the committee’s members.

The witnesses who will testify before the committee include Peter Bell, president and CEO of the National Reverse Mortgage Lenders Association (NRMLA); Alicia Puente Cackley, who is director of financial markets and community investment at the Government Accountability Office; Laurie Goodman, VP of housing financial policy at the Urban Institute; and Sarah Bolling Mancini, a staff attorney at the National Consumer Law Center.

The witnesses are expected to provide written testimony, and will speak before the committee hearing Wednesday, titled “Protecting Seniors: A Review of the FHA’s Home Equity Conversion Mortgage (HECM) Program.”

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House Financial Services Committee Chairwoman Maxine Waters (D-Calif.) previously introduced legislation in mid-2017 taking aim at reverse mortgage foreclosures during a period of Republican control of the House of Representatives, but it did not progress beyond an introduction. The House changed hands after last year’s midterm elections and Waters, who was the ranking Democratic member between 2013 and 2019, is now the committee’s chairwoman.

The hearing is scheduled to take place on Wednesday, September 25 at 2:00pm EST, and will be live-streamed.

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  • I had the opportunity to stream the entire HECM congressional hearing yesterday. I would like to congratulate Mr. Bell for an outstanding job representing our industry with clarity, intelligent responses and articulating a comprehensive understanding of reverse mortgages. I know I speak for all NRMLA members when I say “well done Peter!”
    The other “witnesses” were well spoken and concise helping to explain, in my opinion, to a committee of clueless congressional members. Sadly, those fielding the questions are the decision makers we depend on to shape this extremely important mortgage alternative for seniors.
    I believe that Mr. Bell, Ms. Goodman and Ms. Mancini were successful in at least conveying the necessity and future of the HECM product as well as the regulatory changes that have been made over the recent years which will ensure a more intelligent structure for qualifying candidates while protecting tax payers from excessive MMIF losses.
    Regardless of the future outcome the HECM industry was extremely well represented.

    Paul Lamparillo

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