WASHINGTON, D.C. – August 12, 2013 – (RealEstateRama) — At a White House ceremony this afternoon, President Barack Obama signed the Reverse Mortgage Stability Act, bipartisan legislation “to authorize the Secretary of Housing and Urban Development to establish additional requirements to improve the fiscal safety and soundness of the Home Equity Conversion Mortgage insurance program.”
Attendees witnessing the signing included HUD Secretary Shaun Donovan, Congressmen Denny Heck (D-WA) and Michael Fitzpatrick (R-PA); Assistant Secretary of Housing/FHA Commissioner Carol Galante and National Reverse Mortgage Lenders Association President and CEO Peter Bell.
Since the release of the annual audit of the Mutual Mortgage Insurance Fund last November, HUD staff has worked with NRMLA to ensure the fund result is net neutral on an annual basis, as required by the 1987 statue that created the program. The new law gives HUD the authority to make changes via Mortgagee Letter, with an aim for implementation of the first changes by the beginning of the fiscal year on
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