About Government Refinance and Home Purchase Programs

Information and Updates on Government Mortgage Programs
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With an overwhelming vote of 63-8 the Senate version of the housing bill passed on Friday. Here is a blurb from MarketWatch:

WASHINGTON (MarketWatch) — The Senate approved a massive housing relief bill on Friday on a 63-5 vote. The bill would overhaul the supervision of Fannie Mae, bolster the Federal Housing Administration with $300 billion in additional loan assurances, and attempt to prevent foreclosures. The legislation will now make its way back to the House, where significant changes are possible before final passage. President Bush has threatened to veto the bill because one provision would give money to local governments to buy foreclosed homes.

What’s next? Well as far a we can tell this:

1. The House and Senate need to hammer out a compromise on their two similar bills
2. They need to convince President Bush not to veto it
3. Once the President signs the bill we have to wait for banks figure out what they are going to do about it (which will likely take a few months)

Lots ahead of us still to be sure.

Comments (0) Posted by G.R.A. Admin on Saturday, July 12th, 2008

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