HR 4173 passed in the U.S. House of Representatives on December 11th by a vote of 223-202.
The Reverse Mortgage Amendment proposed by Rep. Jan Schakowsky (D-IL), and Rep. Dina Titus (D-NV), was included.
Their amendment passed by a vote of 277-149, with bi-partisan support.
Rep. Schakowsky released a press release saying...
"We have an obligation to protect our seniors from malicious fraud & prosecute anyone who means to do them harm... Many seniors are turning to reverse mortgages and they need to feel safe and secure in their decision. We must do everything in our power to ensure the fidelity of the system and shield our parents and grandparents from being cheated or misled."
HR 4173 provides for the creation of the Consumer Financial Protection Agency (CFPA), and would give the CFPA authority to regulate reverse mortgages.
To become law, the bill still must pass the Senate and be signed by the President.
Your friend,
P.S.: Please go here right now to get my free, updated audio CD interview on reverse mortgages with Shannon Hicks.
