FHA reverse mortgage Regulations

The federal mortgage guaranty

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

8/9/2013--Public Law.

(This measure has not been amended since it was introduced.

The summary of that version is repeated here.) Reverse Mortgage Stabilization Act of 2013 - Amends the National Housing Act, with respect to mortgage insurance for home equity conversion mortgages (reverse mortgages) of elderly homeowners, to authorize the Secretary of Housing and Urban Development (HUD) to establish, by notice or mortgagee letter, any additional or alternative requirements determined necessary to improve the fiscal safety and soundness of the reverse mortgage program.

Declares that such requirements shall take effect upon issuance.

House Republican Conference Summary

This summary can be found at .

Background

The FHA insures a number of different mortgages, including so-called “reverse mortgages, ” which allow seniors to obtain additional income by borrowing against the equity in their homes.[1] Under the program, a borrower makes no mortgage payments and is not required to meet an income or credit qualification. The only requirement is that the balance of the mortgage be paid when the last borrower on the mortgage moves, refinances, sells, or dies. If the value of the property is lower than the mortgage balance, however, the borrower’s liability is limited by the property value, and the FHA covers the difference.

Concerns have been raised about the potential for losses in the FHA’s reverse mortgage portfolio. HUD Secretary Shaun Donovan has testified that HUD needs authority from Congress to make immediate administrative changes to the FHA reverse mortgage program.[2] The normal regulatory process could take up to 18 months, during which time FHA continues to lose money.

H.R. 2167 gives the Secretary the authority to make necessary changes to the FHA reverse mortgage program.

[2] Donovan, Shaun, Secretary of the Department of Housing and Urban Development. Testimony, December 6, 2012, before the U.S. Senate, Committee on Banking, Housing, and Urban Affairs. Available here.


Whose allegedly behind the mortgage crash

2010-10-26 22:02:47 by 2bbcats

Hey folks things are crazy. There's an article from Life Magazine 1967 the Brazen empire outlining who'd be setting decent folks up in Preditory loans. This thing was launched and many agencies & officials nationwide played along. Youtube has a story entitled "DECEPTION" Whose allegedly behind the mortgage crash. I know this is going to make a great movie. Martin Scorcesse could play the guy who set this up. It appears folks have been lied to about what really happened and why folks are angry about the economy, businesses and foreclosures. The authorities who run financial institutions and agencies had to know

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