Congress moves on bills aimed at helping homeowners.
Nation's Cities Weekly, September, 2007 by Wallace, Mike
The House and Senate are moving swiftly in the face of rising home foreclosures to give homeowners options to refinance out of unaffordable mortgages.
Last Tuesday, the House passed H.R. 1852, the Expanding American Homeownership Act, by a vote of 348 to 72. Last Wednesday, the Senate Committee on Banking, Housing, and Urban Affairs passed a draft bill, the FHA Modernization Act, by a vote of 20 to 1. Both bills aim to reform the Federal Housing Administration (FHA), so that FHA can better help homeowners and first-time homebuyers meet their housing needs in today's housing market.
The reforms are meant to "modernize" FHA rules and policies to reflect changes and innovations in the mortgage finance system. FHA encourages lenders to provide loans to...
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