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Article: House Backs HUD on Reverse Mortgage Fees.(Dept. of Housing and Urban Development can ban excessive fees on reverse mortgages)(Brief Article)
- Article from:
- American Banker
- Article date:
- November 17, 1997
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The House on Thursday approved legislation that would allow the Department of Housing and Urban Development to ban excessive fees on reverse mortgages.
The measure "will protect older Americans from white-collar muggers who rob them of thousands of dollars with the stroke of the pen," said HUD Secretary Andrew Cuomo. Senior citizens have been charged up to $10,000 for information on reverse mortgages that HUD offers for ...