House Backs Speedy Changes To Reverse Mortgage Program

Law360, New York (June 12, 2013, 6:24 PM EDT) -- The U.S. House of Representatives on Wednesday passed a bill that would allow the U.S. Department of Housing and Urban Development to expedite changes to the federal reverse mortgage program as it continues to rack up debt from underwater homeowners.

H.R. 2167, the Reverse Mortgage Stabilization Act, would authorize the secretary of HUD to implement new requirements for the home equity conversion mortgage insurance program without having to wait the traditional 18 months issue new regulations.

Mortgages affiliated with the program, which allows homeowners — many...
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