FHA Modernization approved by Senate

On July 11th, the Senate voted 63 to 5 to approve the legislation. As a result of your efforts, HR 3221 creates affordable housing opportunities by setting loan limits up to $625,500 for Fannie Mae, Freddie Mac and FHA, and will stimulate housing demand with a temporary $7,500 home ownership tax credit.  The bill also includes broad reform for Fannie Mae, Freddie Mac, and FHA, and creates a new FHA program to help homeowners at-risk for foreclosure.

This bill is critical to restoring confidence in the mortgage and housing markets and the nation’s entire economy.  But it isn’t complete yet. Now, the bill goes to a conference committee before Congress can send it to the President.  Negotiations begin over the next few days and weeks, and both House and Senate leaders hope to get the bill on the President’s desk before the August recess.

Since this article was first published we are pleased to announced that the New Housing Bill has now been approved by the President!