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Tag: Federal Housing Administration

June
12th

U.S. Rep. Heck wins passage for first bill; it allows quick reform of reverse mortgage rules

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

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