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Housing Recovery Act Passes - Awaiting Signature
 The two houses of Congress have passed HR 3221 by a floor vote of 272 (yes) to
152 (no), the "Housing and Economic Recovery Act of 2008." The President is
expected to sign it today.
There are a number of provisions to aid in the
recovery of the housing and mortgage industries, as well as to reform the GSE's
(Government Sponsored Enterprises). This is a wonderful event for senior
citizens and the popular revere mortgage platform.
This House version includes amendments that were negotiated since the passage of
the Senate version two weeks ago.
The Bill will now go back to the Senate for a
vote and, assuming this passes without delay in the Senate, the Bill will then
go to the White House for final approval. We believe there will not be any more
amendments and that there is support for this version in the Senate.
The expectation is that the Bill will be approved by the Senate this week in a
weekend session (although this can be difficult to predict).
We believe Congress
and the White House want this done before Congress (the House) begins a summer
recess on August 4th. While the White House is not pleased with some aspects of
the Bill, yesterday the Administration acknowledged the importance of the GSE
provisions as a means to restore confidence and facilitate stability in the
markets.
Primarily for its interest in the GSE provisions, the Administration
released a formal statement indicating that it would approve the Bill as amended
by the House. This is a positive development and will help influence a positive
outcome in the Senate.
As the Bill relates to the FHA HECM product (reverse mortgage), the provisions
in the House Bill include:
1. - A single national loan limit of $ 417,000 that can increase up to as much
as $ 625,500 in high cost areas, meaning for reverse mortgages.
2. - Home Purchase product authority.
3. - Co-op product provisions.
Why would you bother with These Loans? These are some of the
applications:
Business, Auto, Bad Credit, Car, Bankruptcy, Business Debt, Business Financing,
Debt, Mortgage
These are some of the other types of Commercial Loans:
Secured, Short Term, Small Business Financing, and Unsecured Loans
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