Following a series of damning articles spotlighting New York reverse mortgage borrowers in foreclosure, lawmakers this week introduced new legislation that seeks to create additional consumer protections for these afflicted seniors. On Monday, New York Assemblywoman Helene Weinstein (D-Brooklyn) and Senator Jeff Klein (D-Bronx/Westchester) announced the introduction of legislation (A10745/S8177). The bill will provide reverse […]
Category: Legislation
One of the most vocal critics of the Consumer Financial Protection Bureau (CFPB) plans to overhaul the oft-controversial agency by gutting the Wall Street reforms that created it. This week, House Financial Services Committee Chairman Jeb Hensarling (R-TX) unveiled details of the Financial CHOICE Act. An acronym for “Creating Hope and Opportunity for Investors, Consumers […]
The Maryland General Assembly recently adjourned, leaving in limbo a bill that would require escrow accounts be established for all reverse mortgage borrowers for the payment of property taxes and insurance. Sponsored by Senator Delores G. Kelley (D-District 10, Baltimore County), the legislation (S.B. 855) was first introduced to the Maryland state Legislature on February […]
In the reverse mortgage industry, the issue of what happens to surviving non-borowing spouses has always been a hot topic well before recent rule changes that now allow these individuals to remain living in the home even following the death of their reverse mortgage borrowing spouse. Now in California, new legislation calls for similar protections […]
A cornerstone of President Obama’s final State of the Union address earlier this month emphasized the need to improve American workers’ access to retirement savings plans, regardless of their employment status. In efforts to make this a reality for millions of workers nationwide, the White House introduced several proposals this week aimed at providing more […]
Reverse mortgage professionals in Illinois will soon be required to abide by the state’s new laws governing Home Equity Conversion Mortgages (HECMs) beginning January 1, 2016. In August, Illinois Governor Bruce Rauner signed into law the Reverse Mortgage Act, following the its passing in the Illinois General Assembly earlier this summer. The legislation rewrites the […]
RMD will be observing the Christmas holiday December 24-25, but will return to our normal posting schedule on Monday, December 28. RMD wishes all of its readers and their families a safe, enjoyable Merry Christmas and happy holidays. We’ll see you back here on Monday. In the meantime, in case you missed it, here’s what […]
On Friday, Congress approved a $1.1 trillion omnibus spending bill that averts a government shutdown and funds federal agencies through September 30, 2016. The 2,009-page funding bill, which passed by a 316-113 vote in the House of Representatives and a 65-33 vote in the Senate, includes extended authority for the Federal Housing Administration to continue insuring […]
There has been a lot of chatter in recent weeks on Capitol Hill from lawmakers and housing groups pressing the Federal Housing Administration (FHA) to ease its regulations on condominium financing. But while easier FHA condo rules would improve seniors’ access to FHA-insured Home Equity Conversion Mortgages (HECMs), reverse mortgage industry members are skeptical whether […]
The House of Representatives on Tuesday passed a bill that aims to block a Department of Labor (DOL) proposal that would raise the standards for financial professionals who provide retirement investment advice. Also known as the Retail Investor Protection Act, H.R. 1090 passed the House by a vote of 245-186. The legislation, which was introduced […]
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