House Financial Services Committee ranking member Maxine Waters (D-Calif.) yesterday introduced a bill intended to strengthen the Federal Housing Administration’s Mutual Mortgage Insurance Fund.
The legislation, among other things, would establish minimum annual premiums for mortgage insurance; require lenders who committed fraud to repay the FHA; and improve the agency’s internal financial controls, transparency and disclosure requirements.
The House passed the same bill last September by a 402-7 vote. The legislation “should be considered immediately, given that it was supported on such an overwhelming, bipartisan majority in the last Congress. It is time to move beyond discussion of this issue and take action,” Waters said in a press release.
Rep. Michael Capuano (D-Mass.), ranking member of the Housing and Insurance Subcommittee, is an original co-sponsor of the measure.
Read Rep. Water's press release.
Read the bill.