Industry NewsMortgage

House votes for boost in FHA staff, tech

Bill seeks to improve oversight, combat fraud
Published on Sep 16, 2009

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by CareyBot

The House has approved legislation that could allow the Federal Housing Administration to hire additional staff and upgrade its technology to handle increased demand for its mortgage guarantees and combat fraud and lax underwriting.

HR 3146, the 21st Century FHA Housing Act of 2009, is a response to fears that increased demand for FHA-backed loans is taxing the FHA's capabilities to oversee lenders, making the program more vulnerable to unnecessary losses.

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