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Wednesday, July 17, 2013

ABA Statement on Senate Proposal to Reform FHA

Frank Keating, ABA President and CEO, on ABA’s support for the bipartisan proposal to reform the Federal Housing Administration.
The American Bankers Association commends Banking Committee Chairman Johnson and Ranking Member Crapo on their bipartisan proposal to reform the Federal Housing Administration.

The proposed FHA Solvency Act of 2013 furthers the important task of placing FHA on a sound financial footing… Its reforms include required improvements to capital levels for the Mutual Mortgage Insurance Fund, the establishment of a chief risk officer within the FHA to ensure better risk management for the agency, stabilization of the Home Equity Conversion Mortgage program that provides reverse mortgages to qualified borrowers and new improvements to the FHA’s underwriting and indemnification programs.

One of these key reforms, using underwriting standards based on the CFPB’s Qualified Mortgage rules, makes it that much more imperative that the CFPB gets the QM rules right -- and that sufficient time is allowed for it to do so.
Read Keating’s full statement.

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