Representative Maxine Waters (D-CA) introduced H.R. 1977, the Federal
Housing Administration (FHA) Reform Act of 2011, on May 24. The
legislation would improve FHA’s ability to manage and mitigate the risk
of its mortgage insurance funds, and would also strengthen FHA’s ability
to enforce its underwriting standards to better address FHA mortgage
lenders engaged in fraud.
An earlier version of the FHA Reform Act passed the House of Representatives in the 111th
Congress by a vote of 406-4. However, the Senate did not act on the
measure before the end of the Congress, and it therefore has been
reintroduced in the 112th Congress.
H.R. 1977 has been referred the House Committee on Financial Services and has two cosponsors.