H. R. 2167
IN THE HOUSE OF REPRESENTATIVES
May 23, 2013
Mr. Heck of Washington (for himself and Mr. Fitzpatrick) introduced the following bill; which was referred to the Committee on Financial Services
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
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),
and at the end;
in paragraph (2),
by striking the period at the end and inserting
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.