Press Releases

Waters Raises Questions about FHFA Decision to Stop Force-Placed Insurance Reform

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Washington, DC, February 28, 2013 | comments

Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today released a letter to Edward DeMarco, Acting Director of the Federal Housing Finance Agency (FHFA)  raising questions about FHFA’s recent decision to prohibit Fannie Mae from moving forward with a plan to save taxpayers and borrowers  from unnecessarily high costs related to  force-placed insurance (FPI).

FPI is insurance placed on a borrower’s home when the borrower fails to maintain their own insurance policy or provide evidence of insurance as required by the loan agreement. Congresswoman Waters has long raised concerns about the cost and use of FPI through her broader advocacy for mortgage servicing reform.

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Tags: FHFA



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