WASHINGTON, D.C. – July 15, 2013 – (RealEstateRama) — Senate Banking Committee Chairman Tim Johnson (D-SD) and Ranking Member Mike Crapo (R-ID) announced a bipartisan agreement on legislation to ensure the solvency of the Federal Housing Administration. Details of the Senate bill will be released next week.
“Earlier this year, we agreed that the Committee would first address the issues facing the solvency of FHA before turning to comprehensive housing finance reform legislation,” Senators Johnson and Crapo said in a prepared statement. “After months of hard work we have reached bipartisan agreement on a path forward to give the FHA the tools it needs to get back on stable footing.”
The Senate proposal differs significantly from a more comprehensive financial services reform bill announced yesterday by House Financial Services Committee Chairman Jeb Hensarling (R-TX) that would make drastic changes to FHA and the HECM program