The House Financial Services Committee’s Subcommittee on Insurance, Housing and Community Opportunity hosted a hearing on September 8 examining the role of FHA in the mortgage markets. Acting FHA Commissioner Carol Galante testified to FHA’s role in the post crash housing market and noted progress made by FHA in ‘improving’ the condominium insurance process. Her testimony stands in sharp contrast to the statement submitted to the subcommittee by CAI. In that statement CAI cites continued lack of transparency and outreach by FHA as an ongoing problem and the cause for implementation of criteria that “do not comport with association business operations, state law or common sense.” CAI and CAI member-led Mortgage Matters Teams met with key members of the Financial Services Committee during the August recess to pressure lawmakers to step up oversight and pressure FHA to amend or rescind its current, flawed guidance. You can read CAI’s statement here.
A special thanks to Andrew Fortin, Esq., Vice President, Government Affairs at Community Associations Institute, for this submission.