Pending Bailout Legislation
I would like to welcome a guest author , Jeremy House with The Vision Lending Group at CTX Mortgage. You will be hearing more from him in the coming months, as he has lots of insight and news to share with all of us about the housing market and mortgages.
With all of the different legislation being proposed and voted on in Washington concerning the housing industry, it can get confusing as to what is what . The problem is a lot of the Bills floating around relate directly to what you and I do for a living and we want to help straighten out the facts.
I recently spent some time with a lead corporate attorney who is on the FHA commission board and has very tight knit relationships with folks in both the House and the Senate. I begged her for some of her undivided attention and she was very gracious in granting me just that. Over an hour’s time she clarified much of what is happening on the Hill.
There is an Omnibus Bill that is now known as The Foreclosure Prevention Act of 2008 hovering in DC that we all need to be aware of. To add to the confusion this, is the 3rd official name and the Bill originated as an energy Bill! It now includes proposed legislation pertaining but not limited to:
1. Final ruling on DPA (Genesis, Ameridream…)
2. New loan limits (current loan limits are temporary)
3. Tax provisions for new homebuyers (1st timers getting a tax credit in 2008)
4. Fannie and Freddie’s new regulator
5. $300 billion FHA plan to assist distressed homeowners and where the money is coming from
6. FHA modernization (including Down payment requirements)
7. Risk base Mortgage Insurance Pricing on FHA loans
So as you can see there’s a lot on the table and when they get back from their summer vacation hopefully they will begin to tackle these important issues!
Your Trusted Advisor,
Jeremy House, Certified Mortgage Planner
The Vision Lending Group at CTX Mortgage
480.635.3326 or visit us at http://www.thevisionlendinggroup.com/
