WASHINGTON—The House has unanimously approved a bill sponsored by Rep. Chris Lee, R-Clarence, and Rep. John Adler, D-N. J., aimed at modernizing the Federal Housing Administration.
The bill heightens oversight of lenders that offer FHA-insured loans, boosts the agency’s staff and technology, and provides the federal housing secretary the authority to work to minimize foreclosures on FHA loans.
“This bipartisan legislation implements a number of smart, commonsense reforms that will help responsible borrowers gain access to safe, affordable mortgages,” Lee said. “We cannot keep the dream of homeownership within reach of working families unless we have an FHA that works better.”
Lee and Adler are colleagues on the House Financial Services Committee, which has jurisdiction over the FHA. They introduced the bill in July.
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