HUD Sec. Carson: HECM Changes Positive With More Reforms Needed

Secretary of the Department of Housing and Urban Development (HUD) Dr. Ben Carson reiterated Tuesday his and the department’s commitment to addressing the financial viability of the Home Equity Conversion Mortgage (HECM) program, stating recent program changes have been “directionally positive.” He shared this commitment in a statement submitted to the House Financial Services Committee […]

CFPB Director Returns to ‘Hot Seat’ in House Hearing

Consumer Financial Protection Bureau (CFPB) Director Kathleen Kraninger served as the focus of ire from Democrats on the U.S. House of Representatives’ Financial Services Committee in a hearing designed to serve as a semi-annual review of the Bureau and its education and enforcement activity. In her opening remarks, Financial Services Committee Chairwoman Maxine Waters (D-Calif.) […]

HECM Hearing Recap: Democrats, Republicans Agree on Something

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 […]

Gov’t Watchdog Calls for More HECM Program Scrutiny

Timed for release alongside a congressional hearing devoted to reverse mortgages last week, a government watchdog is detailing its program recommendations in a new 106-page report. The report, “Reverse Mortgages: FHA Needs to Improve Monitoring and Oversight of Loan Outcomes and Servicing,” goes into significant detail concerning perceived “weaknesses” that were found in the HECM […]

Two New Reverse Mortgage Reform Bills Push for Program Change

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 […]

Congressmen, Housing Experts Weigh HECM Program Pros and Cons

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 […]

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 […]

Waters Takes Aim at Forward FHA Mortgage Servicers With New Bill

The office of Congresswoman Maxine Waters (D-CA), chairwoman of the House Financial Services Committee, announced last week the development of new legislation specifically designed to mitigate the number of foreclosures associated with forward mortgage loans backed by the Federal Housing Administration (FHA). The proposed bill, called the FHA Foreclosure Prevention Act of 2019 aims to […]

U.S. House Contemplates CFPB Reform Bill

The United States House of Representatives is contemplating the passage of a bill designed to roll back limitations placed on the Consumer Financial Protection Bureau (CFPB) during the tenure of acting director Mick Mulvaney, according to a report in The Hill.Mulvaney, who was replaced upon the confirmation of the Bureau’s current director Kathleen L. Kraninger […]