Home >> News >> Government >> Senate Banking Committee Passes FHA Solvency Act
Print This Post Print This Post

Senate Banking Committee Passes FHA Solvency Act

The ""Federal Housing Administration (FHA) Solvency Act of 2013"":http://www.banking.senate.gov/public/index.cfm?FuseAction=Files.View&FileStore_id=76ccb8b5-2cf3-4a3f-b40b-47f0b90aa957 (S. 1376) is headed to the Senate after receiving approval from the ""Committee on Banking, Housing, and Urban Affairs"":http://www.banking.senate.gov/public/index.cfm?FuseAction=Home.Home.

[IMAGE] [COLUMN_BREAK]

The bill, unveiled by Chairman ""Tim Johnson"":http://www.johnson.senate.gov/public/ (D-South Dakota) and Ranking Member ""Mike Crapo"":http://www.crapo.senate.gov/ (R-Idaho) earlier in the month, includes a number of bipartisan proposals from the committee intended to strengthen the FHA's financial situation, protect taxpayers, and ensure qualified borrowers still have access to credit.

The bill passed by a vote of 21-1, according to a release from the committee's website.

""This was a bipartisan effort from start to finish,"" Johnson said. ""The reforms we approved today are the product of a lot of hard work from members on both sides of the aisle, and I appreciate the spirit of bipartisanship and open debate that my colleagues on the Committee demonstrated throughout the amendment process.""

x

Check Also

5 Reasons Home Equity Loans Are Coming Back

From pandemic pressures to supply chain challenges, Dan Bailey of WFG Lender Services discusses how homeowners are looking to access their homes’ equity.

Subscribe to MDaily

MReport is here for you to stay on top of important developments in the mortgage marketplace. To begin receiving each day’s top news, market information, and breaking news updates, absolutely free of cost, simply enter your email address below.