House acts to stabilize the housing market and protect taxpayers
Today, House Democrats passed reforms that will rebuild the American dream of homeownership and reduce federal spending by $2.5 billion. The bill contains protects Americans from mortgage fraud and holds the FHA accountable by improving its internal reporting systems and providing greater transparency to the public and Congress.
The FHA has helped 37 million Americans buy homes since 1934 and fills a vital role in the U.S. economy by providing crucial mortgage insurance at a time when the private sector has pulled back from the mortgage market.
The FHA Reform Act is supported by a wide coalition of organizations, including the National Urban League, National Association of Realtors, Mortgage Bankers Association, National Community Reinvestment Coalition, and National Association of Home Builders.