First-year Congressman Denny Heck of Olympia pushed his first piece of legislation through the U.S. House on Wednesday, passing a reverse-mortgage reform bill on a voice vote. The measure, H.R. 2167, now goes to the U.S. Senate for consideration.
Heck, a Democrat representing Washington’s new 10th Congressional District, sponsored the Reverse Mortgage Stabilization Act at the behest of the Federal Housing Administration, which reports a higher rate of underwater mortgages in its reverse-mortgage portfolio than its holdings overall.
Heck said the Reverse Mortgage Stabilization Act lets FHA make rule changes quickly by letter to mortgagees and …