Senate Committee Moves FHA Reform
The Senate Banking Committee last week passed S. 1376, “The FHA Solvency Act of 2013”, sponsored by Senators Johnson (D-SD) and Crapo (R-ID) by a bipartisan vote of 21-1. The bill promotes FHA’s financial solvency with common sense financial reforms, while still retaining FHA’s critical historic mission. NAR supported the bill that provides FHA with tools to rebuild its capital reserves, protect taxpayers, and continue its mission of providing responsible qualified borrowers with affordable mortgage financing. The bill is expected to reach the Senate floor in the fall.