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News Now

Washington
Two housing-rescue bills readied for House committee vote
WASHINGTON (4/18/08)--The House Financial Services Committee introduced two measures Thursday, each intended to combat the country’s current unprecedented rise in foreclosures, and the associated impact on cities and states. According to an announcement by the committee’s chairman, Rep. Barney Frank (D-Mass.), the FHA Housing and Homeowner Retention Act (H.R. 5830) and the Neighborhood Stabilization Act (H.R. 5818) will be voted on April 23 and 24. H.R. 5830, first announced by Frank in March, proposes to expand the Department of Housing and Urban Development’s FHA program to help refinance at-risk borrowers into viable mortgages. The bill would also require the Federal Reserve Board to conduct a study on the need for an auction or bulk refinancing mechanism. The second measure, H.R. 5818, introduced by Chairwoman Maxine Waters (D-Calif.) of the House Financial Services subcommittee on housing and community opportunity, would provide loans and grants to states and cities to deal with problems associated with large numbers of foreclosures in neighborhoods across the country.


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