Financial Services Committee
Subcommittee Assesses U.S.-EU Covered Agreement
Members of the Financial Services Housing and Insurance Subcommittee met on Thursday to discuss and hear expert testimony on the recently announced “covered agreement” reached between the United States and the European Union on insurance and reinsurance.
Spike in FHA Delinquencies Shows President Trump Right to Suspend Last-Minute Obama Move
House Financial Services Committee Chairman Jeb Hensarling (R-TX) said today’s announcement that Federal Housing Administration mortgage delinquencies jumped at the end of 2016 shows President Trump made the right decision to suspend and review the outgoing Obama Administration’s lowering of FHA mortgage insurance premiums
House Rejects Dodd-Frank Regulation That Puts American Energy Companies at a Disadvantage with Foreign...
The House of Representatives today voted 235-187 to repeal a controversial Dodd-Frank Act regulation that puts American public companies at a disadvantage against many foreign competitors like state-owned companies in China and Russia.
ICYMI: Trump’s Heartless Fee Hike? Not Quite.
One of the Obama administration’s final actions was to slash the fee that mortgage borrowers must pay for Federal Housing Administration insurance on eligible loans. One of President Trump’s first actions Jan. 20 was to suspend that move pending further study. Democrats accused him of heartlessly hiking costs for the FHA’s low- and moderate-income clientele by $500 per year on a typical $200,000 loan. “One hour after talking about helping working people and ending the cabal in Washington that hurts people, he signs a regulation that makes it more expensive for new homeowners to buy mortgages,” Senate Minority Leader Charles E. Schumer (D-N.Y.) said
Hensarling: Obama ‘Parting Gift’ Puts Taxpayers at Risk of Another FHA Bailout
House Financial Services Committee Chairman Jeb Hensarling (R-TX) issued the following statement regarding HUD Secretary Julian Castro’s announcement to lower Federal Housing Administration (FHA) mortgage insurance premiums
House Passes Bill to Increase Transparency in International Regulatory Discussions
The House passed legislation on Wednesday that would enhance congressional oversight of international deliberations relating to insurance standards by a vote of 239-170. Sponsored by Housing and Insurance Subcommittee Chairman Blaine Luetkemeyer (R-MO), the Transparent Insurance Standards Act directs federal regulators to solicit public comments, consult with state officials, and report to Congress before adopting international capital standards or other requirements for U.S. insurance companies.
Subcommittee Discusses Modernizing Appraisals to Benefit American Consumers
The Housing and Insurance Subcommittee held a hearing on Wednesday to discuss necessary changes to the appraisal industry. “Appraisals are one of the cornerstones of the home-buying process. Issues that impact appraisers also impact nearly every American buying or selling a home, in rural and urban areas; in high- and low-income neighborhoods,” explained Subcommittee Chairman Blaine Luetkemeyer (R-MO).
Housing Subcommittee Discusses Potential Covered Agreement with the EU
The Housing and Insurance subcommittee held a hearing to examine international factors affecting domestic insurance markets. Subcommittee members questioned hearing witnesses on the various international regulatory standards being considered by the G-20, the Financial Stability Board, the International Association of Insurance Supervisors, and other international supervisory authorities. In addition, today’s hearing gave members the first real opportunity to examine the covered agreement negotiations between the United States and the European Union.
Subcommittee Examines How Vouchers Open Up New Housing, Job and Educational Opportunities
Enhancing the portability of housing assistance vouchers will help recipients achieve economic self-sufficiency by opening up new and better job, education and housing opportunities, witnesses told the Subcommittee on Housing and Insurance today
Committee Hearing Schedule for the Week of September 19
Financial Services Committee Chairman Jeb Hensarling (R-TX) today announced the committee’s schedule for the week of Sept. 19:
Down Payment Assistance Funding Scheme Violates Law, Forces Borrowers to Accept Higher Interest Rate...
The Federal Housing Administration (FHA) is steering borrowers toward a down payment assistance program with a funding scheme that violates federal law, forces borrowers to accept a higher interest rate, and poses a risk to the FHA’s insurance fund, according to the Inspector General of the Department of Housing and Urban Development (HUD)
Subcommittee Examines U.S. and U.K. Models for Affordable Housing
The Financial Services Subcommittee on Housing and Insurance held a hearing on Thursday entitled “The Future of Housing in America: A Comparison of the United Kingdom and United States Models for Affordable Housing.” This hearing is part of a series undertaken by the subcommittee to assess affordable and rental housing programs 50 years after the creation of the U.S. Department of Housing and Urban Development
House Passes Historic Mortgage Reform Legislation
Washington, DC, Nov. 15, 2007 - The U.S. House of Representatives today approved historic bipartisan legislation to reform mortgage and anti-predatory lending practices by a vote of 291 to 127. H.R. 3915, the “The Mortgage Reform and Anti-Predatory Lending Act of 2007” will establish a national standard to rein in the abusive lending practices that contributed to the current mortgage crisis
Financial Service Committee Approves Comprehensive Mortgage Reform and Anti-Predatory Lending Legislation
Washington, DC – The House Committee on Financial Services today approved historic bipartisan mortgage reform legislation and anti-predatory lending practices by a vote of 45 to 19. H.R. 3915, the “The Mortgage Reform and Anti-Predatory Lending Act of 2007” will create a licensing system for residential mortgage loan originators, establish a minimum standard requiring that borrowers have a reasonable ability to repay a loan, and will attach a limited liability to secondary market securitizers.
