H. R. 2167
IN THE HOUSE OF REPRESENTATIVES
To authorize the Secretary of Housing and Urban Development to establish additional requirements to improve the fiscal safety and soundness of the home equity conversion mortgage insurance program.
This Act may be cited as the
Reverse Mortgage Stabilization Act of 2013
Additional safety and soundness requirements for home equity conversion mortgage insurance program
Subsection (h) of section 255 of the National Housing Act ( 12 U.S.C. 1715z–20(h) ) is amended—
in paragraph (1), by striking
and at the end;
in paragraph (2), by striking the period at the end and inserting
; and; and
by adding at the end the following new paragraph:
establish, by notice or mortgagee letter, any additional or alternative requirements that the Secretary, in the Secretary’s discretion, determines are necessary to improve the fiscal safety and soundness of the program authorized by this section, which requirements shall take effect upon issuance.
Passed the House of Representatives June 12, 2013.
Karen L. Haas,