Library / Laws / 113th / hr / H.R. 2167 / Introduced in House
I
113th CONGRESS
1st Session
H. R. 2167
IN THE HOUSE OF REPRESENTATIVES
May 23, 2013
Mr. Heck of
Washington (for himself and Mr.
Fitzpatrick) introduced the following bill; which was referred to
the Committee on Financial
Services
A BILL
To authorize the Secretary of Housing and Urban
Development to establish additional requirements to improve the fiscal safety
and soundness of the home equity conversion mortgage insurance
program.
1.
Short title
This Act may be cited as the
Reverse Mortgage Stabilization Act of
2013.
2.
Additional safety
and soundness requirements for home equity conversion mortgage insurance
program
Subsection (h) of
section 255 of the National Housing Act (12 U.S.C. 1715z–20(h)) is
amended—
(1) in paragraph (1),
by striking and at the end;
(2) in paragraph (2),
by striking the period at the end and inserting ; and;
and
(3) by adding at the
end the following new paragraph:
(3) establish, by notice or mortgagee letter,
any additional or alternative requirements that the Secretary, in the
Secretary’s discretion, determines are necessary to improve the fiscal safety
and soundness of the program authorized by this section, which requirements
shall take effect upon
issuance.
.