The Experts For Reverse Mortgages in California
Reverse Mortgage News and Updates
FHA Modernization Bill - Updates and News
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July 30 2008
President Signs Housing Bill - Seniors looking into reverse mortgages to benefit greatly!
July 28 2008
Senate passes landmark housing bill
Controversial measure aims to help borrowers, bolster the housing market and provide a fail-safe for Fannie and Freddie. Bush is likely to sign it soon.
July 24 2008
July 15 2008
Congress promises quick action on Housing Bill...
July 11
Senate passes Housing Bill!!!
July 10
Senate poised to pass Housing Bill....
July 8 2008
Housing bill inches through Senate..
ABC news article | Associated Press | Conforming Limits
July 1 2008
Housing Bill 'Running Out Of Time'
A housing bill frozen in the Senate is “running out of time,” White House spokesperson Tony Fratto said in a press conference Tuesday.
June 26 2008
WASHINGTON (AP) — A foreclosure rescue plan that has broad bipartisan support stalled in the Senate on Wednesday amid a dispute over taxes.
June 25 2008
Relief Measure Passes Key Test Vote in Senate
Washington Post - United States
The new FHA foreclosure prevention program, meanwhile, could help as many as 400000 troubled borrowers stay in their homes, according to congressional ...
June 24 2008
A rescue package that would help distressed homeowners avoid foreclosure passes a Senate vote by 83 to 9.
AP Top News at 8:22 am EDT - The Associated Press
WASHINGTON (AP) — A plan to help hundreds of thousands of homeowners avoid foreclosure is drawing bipartisan support in the Senate, setting the stage for ...
June 23 2008
Housing rescue a final chance for bargaining
The Associated Press -
The bill would allow the FHA to insure $300 billion in new loans so homeowners who cannot afford their house payments could refinance into cheaper, ...
June 19 2008
Dodd, Shelby Roll Out Senate Housing Bill
Housing Wire - USA
Chief among the sticking points between legislators are provisions in GSE reform that would set conforming limits permanently higher in certain high-cost ...
US Senate To Begin Consideration Of Housing Bill Thursday
CNNMoney.com - USA
The current Senate bill would set the so-called conforming loan limit at $625000 for high-cost areas. Thats above the current $417,000 level but below the ...
June 9 2008
Lawmakers Seek Shortcut In Negotiating Housing Bill
Washington Post - United States
the panels ranking Republican, part of the money designated for
low-income housing would be diverted for three years to cover the cost of
the FHA program. ...
May 27, 2008
Senate Panel OKs Homeowner Rescue
May 21 2008
Mortgage rescue advances in Senate ...
May 20 2008
Senate deal struck on mortgage aid...
May 19 2008
Senators hammering out mortgage deal
CNNMoney.com - USA
... the government-sponsored enterprises created to boost the mortgage markets, to provide funds to backstop the FHA program,rather than the FHA itself, ...
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May 13, 2008
Senate Talks Collapse On a Housing Bill
Washington Post - United States
Under Dodd's proposal, the FHA would respond more aggressively by offering to insure mortgages for less creditworthy borrowers if theirbanks forgave a ...
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May 7, 2008
Financial Services Committee Chairman Barney Frank (D-MA) plans to bring “The American Housing Rescue and Foreclosure Act” to the House floor for a vote. This is a “rollup” piece of legislation that includes a number of housing related matters, including FHA Modernization.Here is a link to the most recent press release.
You may be able to see the action live on www.cspan.org.
March 12, 2008
The FHA Modernization bill is moving forward and currently being finalized. Once a bill is formally adopted by the Conference Committee, it will be sent to both chambers of Congress for approval before its sent to the President for his signature. It’s difficult to know exactly when the bill will be signed, but anticipate it will be in the next few months. We feel the changes that help people the most are the increase in the maximum claim amount limit to $417,000 nationwide and the ability to purchase homes using the HECM reverse mortgage.
On December 14, 2007, the FHA Modernization bill (S. 2338) was brought to the floor for debate and consideration by the full Senate. The bill passed by an overwhelming majority of 93 to 1.
What S. 2338 would do for the HECM program:
- Permanently eliminate the cap on the overall number of HECM loans that FHA is authorized to insure.
- Replace the county-by-county area loan limits with a single national loan limit at the conforming loan limit level, currently $417,000.
- Authorize HECMs for home purchase.
- Implement a maximum origination fee at 1.5% of maximum claim amount.
- Require the Government Accountability Office to undertake a study of the HECM program and report back to Congress
The U.S. House of Representatives passed its own version of the FHA Modernization bill this past summer. On HECM matters, the two bills are identical, but on other provisions they differ. The House and the Senate must now each appoint "conferees" who will get together to negotiate and reconcile the differences in the two versions. Once a "conference report" is issued, the compromise must be accepted by a vote in each house of Congress. This process is expected to take place in the early part of 2008.
Want to find out how this may benefit you?
Give us a call TODAY!!
1 - 800 - 489 - 0986
“Retirement is a time to allocate assets.”
Alan Greenspan
Your home is an asset that can be allocated during retirement.
The tool to 'distribute' this wealth is the reverse mortgage.
