The Dodd-Frank Act was a massive piece of legislation that forever changed the mortgage industry. It “cleaned house” so to speak but what was interesting about Rep. Frank was how well-informed he was about the FHA Reverse Loan program and was a supporter of the unique mortgage in spite of the fact that many of his contemporaries were and still are so clueless about how they function and the many protections that are in place to protect the senior from financial abuse.
Unlike a majority of those in Washington D.C., he recognized their positive benefits to the senior community and one has to wonder if others will finally be as well as informed. Following is an article that I will post in two parts that discusses this very question:
As Barney Frank Leaves Congress, will New Reverse Mortgage Friends Emerge?
“Whether you are a Barney Frank (D-Mass.) fan or not, there’s no question Frank has left his mark on reverse mortgages during his House tenure over the past decades.
Most recently, he co-penned the mammoth Dodd-Frank Act that has left—and continues to leave—a lasting impression on the industry through changes across the board such as adjustments to the way loan officers are compensated to the creation and launch of a Consumer Financial Protection Bureau, which, under its authority, is taking a close look at home equity conversion mortgages.
But Frank has also served as a knowledgable and active supporter of reverse mortgages, at a time when the industry as a whole still faces the task of educating those in Washington who are in decision-making positions.
Who will take Barney’s place? It’s not an easy question to answer, but RMD took a look at some figures in the nation’s capitol who could have the potential to step up as allies of the reverse mortgage industry as Barney Frank winds down his role in the House of Representatives?”