Wayne Allard: “I rise in support of this FHA reform package. I do not think this is the time for us to take choices away from…”

“I rise in support of this FHA reform package. I do not think this is the time for us to take choices away from homeowners and consumers. This helps provide additional choices for homeowners with some safeguards. The FHA reverse mortgage program contains some important safeguards for borrowers such as mandatory counseling and limits on fees that can be charged. For those very rare instances in which reverse mortgages were used as part of a predatory or fraudulent scheme, I support vigorous enforcement against the perpetrators. The problem is with the perpetrators, not with the reverse mortgage program. The bill also provides some provisions restricting seller-financed home equity plans. There are some provisions which I think are good. There are provisions for the energy efficiency mortgages. I am cochair on the Renewable Energy and Efficiency Caucus, and I want to seek every opportunity we can to have structures that promote energy efficiency. I think that is a good part of the bill.”