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Senate mortgage refinancing reforms could come soon, according to HUD chief

WASHINGTON (2/13/14)--There is bipartisan will to move forward with housing finance market reforms, and a U.S. Senate reform bill could be introduced in the coming weeks, U.S. Housing and Urban Development Secretary Shaun Donovan said Wednesday.

Donovan made his remarks at a "Morning Money" event hosted by Politico. Both Democrats and Republicans recognize that housing finance reform could be more difficult to achieve if it does not happen this year, Donovan observed.

Both parties support maintaining the 30-year mortgage. Donovan said legislators must remember that the Federal Housing Administration is a critical part of the overall housing system.

"We have learned that there are flexibilities that can help FHA operate in a crisis, and that should be on Congress's agenda as well," Donovan said.

He added that HUD and Obama administration regulatory partners are working through policy issues daily as the reform process moves forward. Each regulator brings his or her own expertise to the table in "one of the best team efforts" he says he has seen in government.?



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