CFPB: Data collection practices within the norm for regulators

CFPB: Data collection practices within the norm for regulators

Data collection essential for effective financial regs, spokesman tells HW

NMS Monitor: Is the 30-year mortgage the best product?

Challenges attendees at ABS East to “do something better"

Ginnie Mae launches 5 new initiatives to increase mortgage lending

HUD secretary warns American Dream remains out of reach
W S

House Passes Mortgage, GSE Aid Bill

As expected, the House of Representatives on Wednesday passed legislation that will expand the FHA's mortgage reach for troubled borrowers, and establish a Treasury backstop for Fannie Mae (FNM) and Freddie Mac (FRE). The Housing and Economic Recovery Act of 2008 passed the House by a 272 to 152 margin, and now heads to the Senate, where it is expected to pass muster by Friday before heading to President Bush for signing. The President indicated earlier on Wednesday that he would not veto the legislation, as he had earlier threatened to do over a planned $4 billion allocated for Community Development Block Grant funds that would allow local governments to purchase foreclosed and abandoned real estate in the neighborhoods hardest hit by the nation's ongoing housing crisis. Democrats largely supported the bill's passage in the House, although Republicans remain divided about it; House minority leader John Boehner among them. Republicans voted against the measure 149-45, while Democrats almost unanimously supported it by a 227-3 margin. See earlier coverage: Housing Bill Adds Second Lien Amendment; DAPs to Be Eliminated Housing Package Set For House Approval; Bush Drops Veto Threat

Recent Articles by Paul Jackson

Comments powered by Disqus