Home Laws & Taxes Maloney joins House in passage of FHA reforms

Maloney joins House in passage of FHA reforms

— The bill expands homeownership opportunities, reduces federal spending by $2.5 billion, and protects Americans from fraudulent lenders–

WASHINGTON, DC – June 10, 2010 – (RealEstateRama) — Rep. Carolyn Maloney (D-NY) today voted in favor of reforms to the Federal Housing Administration (FHA) which will protect homeowners from mortgage fraud and save tax dollars.

“These bipartisan reforms will help rebuild the housing market, while protecting families from the sort of mortgage scams and fraud that devastated the economy and caused so many to lose their homes,” Rep. Maloney said. “The Federal Housing Administration Reform Act will save taxpayers $2.5 billion over five years and make crucial reforms to strengthen the operation of the FHA.”

The FHA has helped 37 million Americans buy homes since 1934. This bill will help families realize the dream of homeownership, especially low-income and minority families, through responsible lending. And the reforms will help protect Americans from mortgage scams and fraudulent lenders by modernizing and strengthening the FHA’s ability to analyze risk and go after lenders who violate regulations. The bill also makes the FHA more accountable by improving its internal reporting systems and providing greater transparency to the public and Congress.

The FHA Reform Act is supported by a wide coalition of organizations, including the National Urban League, the National Association of Realtors, the Mortgage Bankers Association, the National Community Reinvestment Coalition, and the National Association of Home Builders.