The Department of Housing and Urban Development is implementing reforms to its reverse mortgage program and providing more counseling resources for seniors who are considering the product, Secretary Ben Carson said Monday.
The Trump administration's Justice Department was expected to be less aggressive in its pursuit of False Claims Act cases against the mortgage industry. Instead, its focus has shifted to Federal Housing Administration-insured reverse mortgages.
The Federal Housing Administration's gateway to homeownership could be widened if the Trump administration takes actions to reduce mortgage insurance premiums and clarify lender penalties under the False Claims Act.
Affordable housing advocates are skeptical of claims by the Department of Housing and Urban Development that proposed cuts to the agency's budget will eventually be made up for by additional funding in the infrastructure bill.
Housing and Urban Development Secretary Ben Carson said that he will take stock of agency programs to determine their effectiveness and enact policies that invite more private capital into the housing market.