The Senate Banking Committee held a hearing last week on S. 1376, the "FHA Solvency Act of 2013," introduced by Senators Johnson (D-SD) and Crapo (R-ID). This bill provides promotes FHA’s financial solvency with common sense financial reforms, while still retaining FHA’s critical historic mission.
The bill is very similar to legislation that passed the House last year by a vote of 402-7. It gives FHA the tools to better manage their financial position, while providing additional protections for taxpayers. NAR sent the Committee a letter of support for the bill.