April 14, 2008
For Immediate Release: April 15, 2008
Contact: Cleve Mesidor, (202) 225-2661
(Washington, DC) – Congresswoman Barbara Lee (CA-9) released the following statement regarding her new bill, H.R.5758, to prohibit lenders of home equity conversion mortgages from requiring seniors to purchase an annuity with the proceeds of a reverse mortgage:
“With more and more seniors seeking reverse mortgages, we need tighter regulations to protect them from aggressive marketing and predatory lending. That is why I have introduced this bill to prohibit authorized lenders of home equity conversion mortgages from requiring seniors to purchase an annuity with the proceeds of a reverse mortgage and to provide seniors with independent counseling before they enter into such an agreement.
“The recession, coupled with the foreclosure crisis, has made seniors even more vulnerable to economic instability. We must take steps to ensure that the Department of Housing and Urban Development issues strong regulations to protect seniors who are seeking reverse mortgages, by passing my bill.
“I will work with my colleagues to make sure this legislation is quickly passed by Congress and signed into law.”
Congresswoman Barbara Lee (CA-9) is Co-chair of the Congressional Progressive Caucus and a member of the Appropriations Committee, where she serves on the Labor, Health and Human Services, Education Subcommittee, the State Foreign Operations Subcommittee and is Vice-Chair of the Legislative Branch Subcommittee.
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Barbara Lee Introduces Bill to Protect Seniors with Reverse Mortgages
Press ReleaseFor Immediate Release: April 15, 2008
Contact: Cleve Mesidor, (202) 225-2661
(Washington, DC) – Congresswoman Barbara Lee (CA-9) released the following statement regarding her new bill, H.R.5758, to prohibit lenders of home equity conversion mortgages from requiring seniors to purchase an annuity with the proceeds of a reverse mortgage:
“With more and more seniors seeking reverse mortgages, we need tighter regulations to protect them from aggressive marketing and predatory lending. That is why I have introduced this bill to prohibit authorized lenders of home equity conversion mortgages from requiring seniors to purchase an annuity with the proceeds of a reverse mortgage and to provide seniors with independent counseling before they enter into such an agreement.
“The recession, coupled with the foreclosure crisis, has made seniors even more vulnerable to economic instability. We must take steps to ensure that the Department of Housing and Urban Development issues strong regulations to protect seniors who are seeking reverse mortgages, by passing my bill.
“I will work with my colleagues to make sure this legislation is quickly passed by Congress and signed into law.”
Congresswoman Barbara Lee (CA-9) is Co-chair of the Congressional Progressive Caucus and a member of the Appropriations Committee, where she serves on the Labor, Health and Human Services, Education Subcommittee, the State Foreign Operations Subcommittee and is Vice-Chair of the Legislative Branch Subcommittee.
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