In what likely amounts to welcome news ahead of the holidays, Congressional Democrats along with Senate Republicans have reportedly agreed to a $1.3 trillion spending plan ahead of a December 20 deadline, apparently averting the possibility of a new partial federal government shutdown as we head into 2020, according to reporting at the Washington Post. […]
In terms of regulations that govern the reverse mortgage industry and possible outcomes for such matters in 2020, distractions being experienced by Congress, White House proposals for federal regulations and the continuing presence of possible Consumer Financial Protection Bureau (CFPB) enforcement actions could make for an eventful year in terms of actions related to regulatory […]
After Michael Hild successfully requested additional time to respond to civil charges levied against him by the Securities and Exchange Commission (SEC) last month, the federal government has intervened in that civil lawsuit filed against the former Live Well Financial CEO. This is due to the concurrent criminal case filed against him and his former […]
A reverse mortgage bill aiming to change the way industry professionals do business in the state of New York was signed into law on Friday by Governor Andrew Cuomo, RMD has learned. This has codified the bill into New York state law, and Governor Cuomo’s office confirmed to RMD that he had signed it. Assembly […]
The former CEO of defunct reverse mortgage lender Live Well Financial has been granted additional time to respond to civil charges levied against him and his former company by the federal government. Michael Hild, charged in a $140 million bond fraud scheme on both civil and criminal fronts, was granted an additional 30 days to […]
U.S. Department of Housing and Urban Development (HUD) Secretary Dr. Ben Carson and U.S. Attorney General William Barr signed an inter-agency memorandum of understanding (MOU) on Monday, setting “prudential guidance” on the appropriate use of the False Claims Act (FCA) for violations by Federal Housing Administration (FHA) lenders. The MOU between HUD and the Department […]
The late September hearing of the U.S. House of Representatives Financial Services Subcommittee on Housing, Community Development, and Insurance provided a rare moment of insight into the perspectives that national politicians maintain toward the Home Equity Conversion Mortgage (HECM) program. Over the course of the proceeding, more Republicans expressed doubt concerning the viability and effect […]
After the release of two Mortgagee Letters by the Federal Housing Administration (FHA) in late September outlining new provisions for the Home Equity Conversion Mortgage (HECM) program, reverse mortgage servicers are responding positively to the expansion of protections for non-borrowing spouses (NBS). Mortgagee Letter 2019-15 updates the Mortgagee Optional Election (MOE) Assignment for HECMs with […]
On the heels of a House subcommittee hearing Wednesday on the Home Equity Conversion Mortgage program, committee members revealed two drafted reverse mortgage bills that move for program change. The draft legislation, slated to be introduced by Democratic House members Denny Heck (Wash.) and Lacy Clay (Mo.), respectively, aim to address issues related to bolstering […]
In a rare assembly of reverse mortgage stakeholders, housing experts and members of Congress, a hearing convened Wednesday before the The U.S. House of Representatives Financial Services Subcommittee on Housing, Community Development, and Insurance to discuss the merits and areas of improvement of the federal Home Equity Conversion Mortgage (HECM) program. Newly drafted legislation, a […]
