Headlines via Email
RSS Feed
What is RSS?
News Now LiveWire
HR 3606 (CARD Act 21-day rule fix) signed into law by president, as was the homebuyer tax credit extension
Scam warning: Kennedy Space Center FCU members being targeted via phony text messages by ID thieves in Florida. http://ow.ly/zWCE
Financial Stability Improvement Act markup, which began today, will continue after Vets. day, Hse. Fin. Svcs. Chair Barney Frank says.
In Mon NN: 24 SE Wisc. CUs will now have control of $71.5M in loans and lender-owned homes after Central States Mtge went into receivership.
Detroit Edison Credit Union and NuUnion Credit Union announce their intent to merge http://tinyurl.com/y8bslvg
House approves help to troubled borrowers
WASHINGTON (5/09/08)—The House approved two housing measures Thursday including a major rescue bill (H.R. 3221) that would establish a $300 billion fund for mortgage insurance.
The comprehensive measure combined a cluster of bills that have been wending their ways through the legislative process. They include:
- H.R. 5720, the Housing Assistance Tax Act of 2008;
- H.R. 5830, the Federal Housing Administration Housing (FHA) and Homeowner Retention Act;
- H.R. 1852, the Expanding American Homeownership Act of 2007;
- H.R. 1427, the Federal Housing Finance Reform Act of 2007; and
- H.R. 5579, the Emergency Mortgage Loan Modification Act of 2008.
The program would allow certain mortgage holders to get an FHA guarantee on a loan if they write down the principal amount.
The other housing bill passed by the House yesterday was H.R. 5818, the Neighborhood Stabilization Act, which would provide states and cities with funds to help prevent rising foreclosures in neighborhoods.
The bills now must go to the Senate for a vote. If passed by the Senate, they must be signed by the President to become law. However, the White House has made it clear that it has strong reservations about some provisions in the larger housing package.
More Washington
Copyright © 2009 - Credit Union National Association, Inc.
