U.S. Senator Claire McCaskill (D-MO) held a field hearing in St. Louis on behalf of the Special Committee on Aging to discuss regulations in the reverse mortgage program. The hearing focused primarily on counseling and misleading advertising. National Reverse Mortgage Lending Association (NRMLA) President Peter Bell was invited to testify at the hearing, in addition to Ann Jaedicke, Deputy Comptroller for Compliance Policy, Office of the Comptroller of the Currency; Mathew J. Scire, Director, Financial Markets and Community Investment, Government Accountability Office; Anthony G. Medici, Special Agent in Charge, Criminal Investigation Division, Office of Inspector General, U.S. Department of Housing and Urban Development; Daniel Claggett, Managing Attorney, Legal Services of Eastern Missouri; and Buz Zeman, Director, Housing Options Provided for the Elderly.
A copy of Peter Bell's testimony can be found here.
For more information, visit www.nrmla.org.