113 HR 2167 IH: Reverse Mortgage Stabilization Act of 2013 U.S. House of Representatives 2013-05-23 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

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. .