In the first hearing of its kind in seven years, members of the Subcommittee on Housing, Insurance and Community Development invited industry and consumer stakeholders to discuss the current state … more Congressional Hearing Examines HECM and How It Can Be Improved
Congressional Oversight
The following committees have jurisdiction over reverse mortgages and the Home Equity Conversion Mortgage (HECM) program.
U.S Senate Committee on Banking, Housing, and Urban Affairs
Chairman Mike Crapo (R-ID)
Ranking Member Sherrod Brown (D-OH)
Subcommittee on Housing, Transportation, and Community Development
Chairmam Tim Scott (R-SC)
Ranking Member Robert Menendez (D-NJ)
U.S. Senate Committee on Appropriations
Chairman Richard Shelby (R-AL)
Vice Chairman Patrick Leahy (D-VT)
Subcommittee on Transportation, Housing, and Urban Development, and Related Agencies
Chairman Susan Collins (R-ME)
Ranking Member Jack Reed (D-RI)
U.S. House Financial Services Committee
Chairman Maxine Waters (D-CA)
Ranking Member Patrick McHenry (NC)
Subcommittee on Housing and Insurance
Chairman William Lacy Clay (D-MO)
Ranking Member Sean P. Duffy (R-WI)
U.S House Committee on Appropriations
Chairwoman Nita Lowey (D-NY)
Ranking Member Kay Granger (R-TX)
Subcommittee on Transportation, Housing and Urban Development, and Related Agencies
Ranking Member David Price (D-NC)
Ranking Member Mario Diaz-Balart (R-FL)
The Senate Banking Committee and the House Financial Services Committee are “authorizing” committees whose responsibilities include debating and passing bills that, if signed into law by the president, create new policies or amend existing ones. Both committees conduct public hearings to gather information on housing and financial services-related issues.
The Senate Banking Committee also holds hearings to assess the qualifications of presidential nominees, such as the Secretary of Housing and Urban Development, Federal Housing Administration Commissioner, and Director of the Bureau of Consumer Financial Protection. If the nominee is voted out of committee, then the full Senate must still approve the nomination.
The Appropriations Committees in the House and Senate do not make policies, but rather pass legislation that funds federal agencies, like the Department of Housing and Urban Development, that regulate our programs.
GAO: FHA Needs to Improve Monitoring and Oversight of HECM Outcomes and Servicing
The Federal Housing Administration could do a better job evaluating the performance of its reverse mortgage program and overseeing the companies that service loans, according to a General Accountability … more GAO: FHA Needs to Improve Monitoring and Oversight of HECM Outcomes and Servicing
Senate Confirms Kathleen Kraninger As BCFP Director
By a vote of 50 to 49, the Senate this week confirmed Kathleen Kraninger as the next director of the Bureau of Consumer Financial Protection. Kraninger replaces Mick … more Senate Confirms Kathleen Kraninger As BCFP Director
Senate Banking Committee Confirms BCFP and Ginnie Mae Nominees
The Senate Banking Committee this week approved the nominations of Kathleen Laura Kraninger to be the next director of the Bureau of Consumer Financial Protection and Michael R. … more Senate Banking Committee Confirms BCFP and Ginnie Mae Nominees
NRMLA Praises Senate Confirmation of Brian Montgomery As Next FHA Commissioner
By a vote of 74 to 23, the United States Senate on Wednesday confirmed Brian Montgomery as the next Assistant Secretary for Housing/Federal Housing Commissioner. “The Senate confirmed … more NRMLA Praises Senate Confirmation of Brian Montgomery As Next FHA Commissioner
In New Op-Ed NRMLA’s CEO Calls for Senate to Confirm FHA Commissioner Nominee
In an op-ed that appeared this week in National Mortgage News, one of the mortgage industry’s premier trade publications, NRMLA President and CEO Peter Bell urged the U.S. … more In New Op-Ed NRMLA’s CEO Calls for Senate to Confirm FHA Commissioner Nominee
CFPB’s Mulvaney Says Bureau is Far Too Powerful
In his first report to Congress as acting director of the Consumer Financial Protection Bureau, Mick Mulvaney this week made a series of recommendations to lawmakers that would … more CFPB’s Mulvaney Says Bureau is Far Too Powerful
Congressional Oversight
The following committees have jurisdiction over reverse mortgages and the Home Equity Conversion Mortgage (HECM) program. U.S Senate Committee on Banking, Housing, and Urban Affairs Chairman Mike Crapo … more Congressional Oversight
Financial Services Committee Chair To Retire
Rep. Jeb Hensarling (R-TX), chairman of the House Financial Services Committee since 2013, announced this week that he will not seek re-election in 2018. “Although service in Congress … more Financial Services Committee Chair To Retire
Mnuchin’s OneWest Tenure Questioned During Confirmation Hearing
At his five-hour long confirmation hearing today, Treasury Secretary nominee Steven Mnuchin took questions about his positions on monetary policy, tax reform, foreign investment and economic sanctions, housing … more Mnuchin’s OneWest Tenure Questioned During Confirmation Hearing