Significant Financial Legislation Passes House

My Friday was spent on the phone with Washington as significant financial legislation passed through the House of Representatives, including a Reverse Mortgage Amendment proposed by Congresswoman Dina Titus (D-NV) and Congresswoman Jan Schakowsky (D-IL). The amendment gave the new Consumer Financial Protection Agency (CFPA) authority to investigate and pass resolutions concerning reverse mortgages, as well as the responsibility for drafting a new disclosure that combines the Truth in Lending Act disclosure and the Good Faith Estimate.

The Reverse Mortgage Amendment passed the house with bipartisan support, while the Financial Services Bill passed with a much slimmer margin. The legislation still has to go through the Senate and be signed into law by Obama, both of which are not likely to happen until next year. Nonetheless, the passage of the bill in the House paves the way for some sweeping changes to the way the financial system (and reverse mortgage industry) is regulated in the future.

To see the articles I wrote for Reverse Mortgage Daily on this topic, see below:
Reverse Mortgage Amendment Passes the House with Overwhelming Support
Reverse Mortgage Amendment Proposed to Consumer Financial Protection Agency Bill