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March 21, 2008
Bid to Regulate Reverse Mortgages Stalls in House
Some state lawmakers in Arizona have joined the mortgage and banking industry in opposing a bill sponsored by Rep. Bill Konopnicki, R-Safford, chair of the House Committee on Financial Institutions and Insurance, that would regulate reverse mortgages. HB 2506--which would require disclosures of all terms, including interest rates and fees, and ban the practice of requiring a homeowner to buy an annuity as part of the deal--stalled in the House.
Posted by S. Germain at March 21, 2008 08:11 AM