Federal

Today, Financial Services Committee Chairman Barney Frank (D-MA) plans to bring “The American Housing Rescue and Foreclosure Act” to the House floor for a vote. This is a “rollup” piece of legislation that includes a number of housing related matters, including FHA Modernization.

NRMLA's Congressional Relations Committee has prepared the following presentation to help educate members on the legislative process.

NRMLA's Congressional Relations Committee has developed the following PowerPoint presentation to help educate our members on the importance of political advocacy.

Today, the Office of Federal Housing Enterprise Oversight (OFHEO) announced a temporary increase in the GSE (Fannie Mae/Freddie Mac) conforming loan limit as a result of the Economic Stimulus Act of 2008.

FHA announced on March 6, 2008 a temporary increase in loan limits for all forward mortgages as a result of the Economic Stimulus Act of 2008.

The FHA Modernization bill has been mentioned by some news sources over the past few days and I wanted to update you on what is going on.

Yesterday, President Bush signed into law H.R. 5140, the Economic Stimulus Act of 2008. While the Stimulus Package did allow for a temporary increase in the FHA and GSE loan limits, HECMs were explicitly excluded from the package and the current loan limits still apply.

The following Member Alert written by NRMLA President Peter Bell clarifies that the Economic Stimulus bill passed by Congress has no impact on the FHA reverse mortgage program.

NRMLA President Peter Bell distributed the following update on the Economic Stimulus Package, and the impact on FHA Modernization, to NRMLA members.

The following memo written by NRMLA President Peter Bell discusses Senate passage of the FHA Modernization bill and what is expected to happen next, as well as an update on last week's hearing by the Senate Special Committee on Aging on reverse mortgage abuses.

We are pleased to report that the Senate Banking Committee today passed FHA modernization legislation that includes our primary HECM provisions.

This morning, there are reports that the Senate Banking Committee is now planning to mark-up its version of FHA modernization next Wednesday, September 19.

The following memo by NRMLA President Peter Bell discusses our intent to work with AARP to craft a new origination fee structure for HECMs different from what was passed in the original House bill, HR 1852.

The House Financial Services Committee approved legislation today to modernize Federal Housing Administration loan programs, including the Home Equity Conversion Mortgage.

House Democrats and Republicans introduced competing bills to modernize the Federal Housing Administration and its Home Equity Conversion Mortgage (HECM) program.

As a mortgage lender, your future success depends in large measure on actions taken by Congress in revising federal mortgage lending laws, including those that affect the Home Equity Conversion Mortgage program.

Attached to this article is a summary of the final recommendations of the Medicaid Commission advising the Secretary of Health and Human Services on ways to modernize the Medicaid program so that it can provide high-quality health care to its beneficiaries in a financially sustainable way.

Following is a copy of Section 255 of the National Housing Act, which governs the HECM program.