WASHINGTON, June 10 /PRNewswire-USNewswire/ -- Speaker Nancy Pelosi released the following statement after the House voted overwhelmingly to pass the Federal Housing Administration (FHA) Reform Act, which will make essential reforms to strengthen the financial footing of the FHA. The bill passed in the House by a vote of 406 to 4.
"By passing legislation to strengthen the financial footing of the Federal Housing Administration, Democrats in Congress are continuing our efforts to build a strong new foundation for the American economy.
"The FHA has helped millions of Americans achieve the dream of homeownership. Today, the House has helped ensure the FHA will continue to be able to do so long into the future, and we have protected consumers by enhancing its authority to go after fraudulent lenders. In keeping with our commitment to fiscal responsibility, this legislation will reduce federal spending and save taxpayers $2.5 billion.
"Democrats will continue to work toward recovery; stabilizing the housing market is critical to that effort, and today's action to bolster the Federal Housing Administration will help do just that."
SOURCE Office of the Speaker of the House