Senate Passes FHA Loan Limit Increase!
Big Win for California REALTORS®!
On Friday, December 14, 2007, the U.S. Senate voted 93 to 1 to pass S. 2338, the FHA Modernization Act, which will reform the Federal Housing Administration (FHA). A conference committee will now meet to resolve differences between this bill and the one passed by the House of Representatives earlier this year.
This is a huge victory for REALTORS® who have lobbied Congress aggressively all year to pass FHA reform and provide troubled homeowners with safe and affordable refinancing options. Senator Diane Feinstein supported the measure and though Senator Barbara Boxer was not present to vote on the bill, she did issue a statement supporting it.
While the issue of FHA reform enjoys broad bipartisan support, including the administration, there are still a number of details to be worked out between the Senate FHA reform bill and the House passed version. Additionally, legislation to reform Government Sponsored Entities (GSEs) Fannie Mae and Freddie Mac has not yet been introduced in the Senate.
C.A.R. will keep you informed on any future developments concerning these two very important issues. Thank you to every REALTOR® who participated in C.A.R.'s and NAR's Calls-for-Action on this bill and the issue of GSE by contacting Senators Feinstein and Boxer.
For More Information
Contact DeAnn Kerr at deannk@car.org.
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