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Fed government announced its offices in Washington,DC area will be closed Wed. due to bad weather--the third day in a row for such closings.
The Golden 1 CU, Sacramento, takes mega-banks to task with billboard ad campaign. Wed NN.
THe U.S. House Majority Leader has announced there are no votes expected in the House this week.
Vote for 2010 ICU Day Theme. http://www.cuna.org/icuday
The federal government is closed today due to continuing snow. CUNA's Washington office is closed. Its Madison, Wis., office remains open.
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.
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