Financial Services Bill H.R. 4173 passed in the House of Representatives this afternoon by a vote of 223-202. Included with it was the Reverse Mortgage Amendment proposed by Congresswoman Jan Schakowsky and Congresswoman Dina Titus. The Amendment passed overwhelmingly by a vote of 277-149, indicating bi-partisan support.
Schakowsky released a press release today saying, “We have an obligation to protect our seniors from malicious fraud and prosecute anyone who means to do them harm… Many seniors are turning to reverse mortgages and they need to feel safe and secure in their decision. We must do everything in our power to ensure the fidelity of the system and shield our parents and grandparents from being cheated or misled.”
With the passage of the bill, the Consumer Financial Protection Agency was approved and given the authority to regulate reverse mortgages; one of many of the characteristics in the extensive financial services bill. In order to become law, the bill still must pass the Senate and be signed by the President.