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It looks like the Government is finally getting it together

The Housing/Foreclosure bill passed the house yesterday and will probably pass the Senate today. it will then go to the Whote House for approval. It contains many good changes for Reverse Mortgages. I am not sure how the final bill will look but at the very least the follwing things should be included:

A larger limit, probably $417,000 with it possibly going a shigh as $625,000 9maybe limited to certain areas)

Reverse Mortgages for Purchases and for Co-ops

Limits on origination fees and the cross-selling of financial products

These are all great things that will help the industry in many ways. Hopefully, the lat point will stop so much of the negative press that many times is centered around some thief who sold an RM borrower a deffered annuity.

Posted by Michael Pinter on 07/25/2008 07:27 AM

Comments (4)

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4 Comments on It looks like the Government is finally getting it together

JUL

2008

Nice post and while they are a bit late I think better late than never. Lets hope the fool on the hill doesn't veto it. At this point he is saying he will sign it now that Freddie and fannie were included. So fingers crossed

Thanks for the comment. I am hearing that have made enough changes to the bill that the President is okay with it. Hopefully, ther won't be any last minute pork attached to it that may upset anyone.

Michael,

The problem with this bill is that it's a bailout and just is another excuse for Congress to spend money. As you point out there are a couple of provisions that you like. Multiply that times a 100 others who have a provision or two that they like and you still fall short of the massive text of this bill. It needs to go downbecause it is way too far reaching.

Steve

Steve,

I agree completely. you can look at some of my earlier posts as to why I think the bill is a mess that will only prolong the housing crisis. HOWEVER, the Reverse Mortgage provisions are almost a year late and were supposed to be included in a FHA reform bill that got pushed aside when the economic stimulus package started getting discussed a while ago. I am very thankful for them.

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