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Galante testifies today on draft FHA bill
July 24, 2013 – Federal Housing Administration Commissioner Carol Galante will testify before the Senate Banking Committee today on the draft "FHA Solvency Act," which includes a provision that contemplates FHA adoption of the CFPB qualified mortgage standard.
NAFCU lobbyists are monitoring today's hearing to learn more about the draft bill's potential impact on credit unions that issue FHA-backed mortgage loans.
The draft "FHA Solvency Act" was released last week by Senate Banking Chairman Tim Johnson, D-S.D., and Ranking Member Mike Crapo, R-Idaho. It addresses FHA underwriting standards, lender accountability and reforms to the FHA reverse mortgage program.
Also addressed in the draft bill are:
- an increase in the minimum required Mutual Mortgage Insurance Fund capital reserve ratio to 3 percent;
- minimum annual mortgage insurance premiums, which would be reevaluated annually;
- added authority for the Department of Housing and Urban Development to hold lenders accountable for issuing inappropriate or fraudulent mortgages.
Today's hearing begins at 10 a.m. Eastern. Galante is the sole witness.
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