Working to Rebuild the American Dream of Homeownership, Create Jobs, and Restore Fiscal Accountability and Discipline

Press Release

Today, Rep. Adam Schiff (D-CA) voted to protect consumers, crack down on mortgage fraud and create jobs in the housing industry. H.R. 5072, the Federal Housing Administration (FHA) Reform Act, passed the House by a 406-4 margin. The legislation will expand homeownership opportunities, reduce federal spending by $2.5 billion, and protect Americans from fraudulent lenders. Additionally, the bill will make essential reforms to strengthen the financial footing of the FHA by allowing the agency to adjust its premium structure for new borrowers, while still providing affordable mortgage insurance to the individuals served by the FHA.

According to Rep. Schiff: "This bill will expand opportunities for homeownership through responsible lending; protect Americans from fraudulent lenders by modernizing and strengthening the FHA's ability to analyze risk and go after lenders who violate regulations; and increase accountability in the FHA by improving its internal reporting systems and providing greater transparency."

This legislation has earned widespread support from organizations, associations and agencies, including: National Association of Mortgage Brokers; National Association of Real Estate Brokers; National Association of REALTORS®; America's Mortgage Cooperative; Asian Real Estate Association of America; Center for Responsible Lending Consumer Federation of America; Consumer Mortgage Lenders of America; Manufactured Housing Institute; National Association of Hispanic Real Estate Professionals; National Community Reinvestment Coalition; National Consumer Law Center (on behalf of its low income clients); National Council of La Raza; National Council of State Housing Agencies; National Fair Housing Alliance; National Housing Conference; National Peoples' Action; National Urban League; NeighborWorks; and U.S. Conference of Mayors.

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