House Committee passes bill for new FHA program; final piece of housing stabilization legislation.
Nation's Cities Weekly, May, 2008 by Wallace, Mike
By a bipartisan vote of 46 to 21, the House Financial Services Committee on Thursday approved H.R. 5830, the FHA Housing Stabilization and Homeowner Retention Act. The bill, a top legislative priority for NLC, is the final piece of the House plan to stabilize the housing market and reign in the skyrocketing foreclosure rate. Passage paves the way for a comprehensive package of housing legislation to come together on the House floor in the coming weeks.
Under the bill, the Federal Housing Administration (FHA) would set up a new program to encourage lenders to voluntarily forgive a portion of outstanding debt on troubled mortgages. In exchange for forgiving the debt, those mortgages would be refinanced and guaranteed by the FHA. FHA mortgage insurance guarantees...
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