FHA Acting Commissioner: “Housing Counseling Works”

The Reverse Mortgage Daily (10/25) reports, “In prepared testimony delivered by Acting Federal Housing Administration Commissioner Carol Galante, Galante urged a House Financial Services subcommittee to consider the importance of housing counseling and funding restoration—including reverse mortgage counseling—in the context of the greater housing crisis.” Galante said, “Housing counselors are a crucial source of assistance for distressed homeowners” and noted that “distressed homeowners working with a counselor are nearly twice as likely to receive a mortgage modification.”