July 31, 2013 by Coester

The Senate has passed a HECM reform bill by unanimous consent that will give the Federal Housing Administration the authority to quickly fix its troubled reverse mortgage program by issuing mortgagee letters.

The House passed the same bill (H.R. 2167) in June. So the Senate’s action Tuesday evening means the HECM reform bill can be sent to the White House for the president’s signature.

FHA commissioner Carol Galante urged the Senate to pass H.R. 2167 so her agency could reduce the risks to the Home Equity Conversion Mortgage program without dramatically cutting back on the HECM program, which could harm seniors.

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