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Volume 2 - Number 14

July 2, 2009

More HECM Warnings from GAO, Industry

The outcries for more controls over FHA Home Equity Conversion Mortgages reached a new decibel level this week, as a report from the Government Accountability Office and a hearing in the Senate Special Committee on Aging both yielded more potential problems with the product. HECM loans, which make up 90 percent of the total reverse mortgage market, can provide borrowers...

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Poll

The Consumer Financial Protection Bureau is completing its first six months of operation. Based on the agency’s regulatory pronouncements and announcements to date, how do you think the agency is doing?

It’s doing a good job of balancing consumer protections with regulating the mortgage industry.
It’s too early to tell what kind of job the CFPB is doing.
It’s not needed and should be closed down.

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