|
Momentum Grows to Revitalize FHA Lending
The debate on the best way to modernize and revitalize the Federal Housing Administration (FHA) began in earnest last month with the introduction of two bills in the House and one in the Senate designed to help the agency more effectively carry out its mission of spurring housing opportunities for America’s working families.
House Financial Services Committee Chairman Barney Frank (D-Mass.) and Housing Subcommittee Chairwoman Maxine Waters (D-Calif.) on March 29 introduced H.R. 1852, the Expanding Homeownership Act of 2007.
On the same day, Rep. Judy Biggert (R-Ill.), the ranking member of the Housing Subcommittee, unveiled H.R. 1752, the Expanding American Homeownership Act. The bill is identical to H.R. 5121, which passed the House in 2006.
In the Senate, Sen. Hillary Rodham Clinton (D-N.Y.) recently introduced her legislative measure to modernize the FHA, S. 947, the 21st Century Housing Act.
In addition, Senate Banking Committee Chairman Chris Dodd (D-Conn.) is expected to offer a bill in the near future.
Many of the legislative proposals to give buyers better financing options are supported by NAHB. These include increasing loan limits in high cost areas of the country and allowing the FHA to develop responsible, alternative mortgage products such as reduced downpayments and longer-term mortgages to meet the housing demand of low- and moderate-income borrowers.
In the coming weeks, NAHB looks forward to working with Reps. Frank, Waters and Biggert; Sens. Clinton and Dodd; and other lawmakers in both chambers who are seeking to pass legislation that would give the FHA a greater ability to respond to the needs of borrowers and enable more working families to become home owners.
To read the legislation, click here and enter the bill number into the box at the center of the page.
For more information, e-mail Scott Meyer at NAHB or call him at 800-368-5242 x8144.
|
