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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