Bruce F. Vento: “I am very concerned about one of the en bloc amendments. I want to rise in support of the reverse mortgage amendment…”

“I am very concerned about one of the en bloc amendments. I want to rise in support of the reverse mortgage amendment which is intended to prevent the abuse of those applying for such mortgage; that is to say that some brokers and agents have, in the process of in fact informing individuals of the availability of a reverse mortgage product have accessed a finders fee on the client which is exorbitant, and consumers need action quickly on this issue. I would hope that an inclusion in this public housing bill as an expression of support for the reverse mortgage provision in this bill, that it would not subsequently get bogged down in conference, because we know that the difference between the House and the Senate on this bill in the last instance were not able to be bridged. I hope that that is not the case in this instance, as I am sure the subcommittee chairman also is going to work to avoid that. Hopefully, we will be able to pass this very quickly, and with this expression of support and maybe do it on the House suspension calendar.”