Waters addresses halted force-placed insurance reform
Congresswoman Maxine Waters released a letter to acting director Edward DeMarco of the Federal Housing Finance Agency questioning the FHFA's recent decision to prohibit Fannie Mae from moving forward with a plan to save taxpayers as well as borrowers from high costs related to force-placed insurance.
Force-placed insurance goes on a borrower's house when the borrower fails to maintain their insurance policy or provide evidence of insurance as required by the loan agreement.
Waters has advocated for mortgage servicing reform, raising concerns about the cost and use of FPI.
Click here to read the letter.