FHA Solvency Act Passes Out of Senate Banking Committee

FHA Solvency Act Passes Out of Senate Banking Committee


The Federal Housing Administration (FHA) Solvency Act of 2013 (S. 1376) is headed to the Senate after receiving approval from the Committee on Banking, Housing, and Urban Affairs.

The bill, unveiled by Chairman Tim Johnson (D-South Dakota) and Ranking Member Mike Crapo (R-Idaho) earlier in the month, includes a number of bipartisan proposals from the committee intended to strengthen the FHA’s financial situation, protect taxpayers, and ensure qualified borrowers still have access to credit.

The bill passed by a vote of 21-1, according to a release from the committee’s website.

“This was a bipartisan effort from start to finish,” Johnson said. “The reforms we approved today are the product of a lot of hard work from members on both sides of the aisle, and I appreciate the spirit of bipartisanship and open debate that my colleagues on the Committee demonstrated throughout the amendment process.”

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