Let's take a quick look at the following Democratic sponsored bills and there status.
S. 2338: FHA Modernization Act of 2007(Passed Senate)
S. 2452: A bill to amend the Truth in Lending Act to provide protection to consumers with respect to certain high-cost loans, and for other purposes(Introduced)
H.R. 1852: Expanding American Homeownership Act of 2007(Status: Passed House (Bipartisan support.))
H.R. 3915: Mortgage Reform and Anti-Predatory Lending Act of 2007
This bill has been passed in the House. The bill now goes on to be voted on in the Senate. Keep in mind that debate may be taking place on a companion bill in the Senate, rather than on this particular bill.
Related Bills
H.R. 1752: Expanding American Homeownership Act of 2007 (Status: Introduced)
S. 2325: Expanding American Homeownership Act of 2007 (Status: Introduced)
Brief discussion:
Now considering the uproar for the government to do something about the mortgage mess it seems interesting that congress has not gotten any of these proposals passed so far. Not that I agree with all of these proposals in their current state, just a bit of commentary. I wonder if we will see any substantial movement on these bills in the 1st quarter of 2008. From a small brokers perspective these things could have a huge impact on business. I guess we'll wait and see!
Update:
In a MarketWatch article by Rex Nutting Treasury Secretary Paulson said mortgage servicers should be ready within a few weeks to implement a Treasury-backed plan to allow some sub-prime borrowers to avoid foreclosure. Paulson is also encouraging congress to act and pass legislation that would allow Fannie Mae & Freddie Mac to handle more volume.
This brings me to another question: What if Fannie and Freddie fall?
Seeing as though together they back like 4 trillion in mortgages the thought is frightening. A taxpayer bailout is the last thing this economy needs anytime soon.
Brief discussion:
Now considering the uproar for the government to do something about the mortgage mess it seems interesting that congress has not gotten any of these proposals passed so far. Not that I agree with all of these proposals in their current state, just a bit of commentary. I wonder if we will see any substantial movement on these bills in the 1st quarter of 2008. From a small brokers perspective these things could have a huge impact on business. I guess we'll wait and see!
Update:
In a MarketWatch article by Rex Nutting Treasury Secretary Paulson said mortgage servicers should be ready within a few weeks to implement a Treasury-backed plan to allow some sub-prime borrowers to avoid foreclosure. Paulson is also encouraging congress to act and pass legislation that would allow Fannie Mae & Freddie Mac to handle more volume.
This brings me to another question: What if Fannie and Freddie fall?
Seeing as though together they back like 4 trillion in mortgages the thought is frightening. A taxpayer bailout is the last thing this economy needs anytime soon.
No comments:
Post a Comment