Committee Sends FHA Reform Bill To House Floor

Law360, New York (April 28, 2010, 2:33 PM EDT) -- The House Financial Services Committee has approved legislation to shore up the faltering financial position of the Federal Housing Administration and give the housing lender new powers to cut off private mortgage companies that fall out of compliance or commit fraud.

Committee members on Tuesday passed by a voice vote H.R. 5072, the FHA Reform Act of 2010, introduced by Rep. Maxine Waters, D-Calif., in response to an audit report that the FDA's lending reserves had dipped below the 2 percent level required by law to...
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