DeLauro Votes to Strengthen Mortgage Insurance, Protect American Taxpayers

Washington, DC – Congresswoman Rosa L. DeLauro (CT-3) voted today in support of H.R. 5072, the Federal Housing Administration (FHA) Reform Act, which will make vital improvements to the finances of the FHA, expand homeownership opportunities, reduce federal spending, and strengthen its ability to respond to fraudulent lenders.

The Federal Housing Administration Reform Act will save taxpayers $2.5 billion over five years and make crucial reforms to strengthen the operation of the FHA, which has helped 37 million Americans buy homes since 1934. These reforms will enable more families to buy homes, especially low-income and minority families, through responsible lending.

"These reforms will help to rebuild the housing market, protect families from the mortgage scams and fraud that resulted in the worst financial and mortgage foreclosure crisis since the Great Depression. Our economy was devastated by the big banks and their schemes, and it is time for us to put Main Street and American families first," said Congresswoman DeLauro. "This bill will crack down on fraud and abuse, protect families and their homes, and save taxpayers billions of dollars in the process."

The FHA Reform Act is supported by a wide coalition of organizations, including the National Urban League, the National Association of Realtors, the Mortgage Bankers Association, the National Community Reinvestment Coalition, and the National Association of Home Builders.