The US is going to try some type of bailout for the foreclosure problem but what?
Barney Frank, Chairman of the House Finance Committee has been talking numbers for some time now but when the Congressional Budget Office reviewed his numbers, Frank had the following to say:
- 4/18/2008
Frank Statement Correcting FHA Housing and Homeowner Retention Act Summary
Washington, DC - House Financial Services Committee Chairman Barney Frank, today released the following statement regarding the reference to a Congressional Budget Office (CBO) cost estimate in the summary of H.R.5830: Read full story.
- 4/17/2008
Economic and Housing Rescue Legislation Introduced in the House Mark up of both measures set for April 23rd and 24th
Washington, DC - In response to the nationwide economic downturn caused by the housing and credit crisis, members of the House Financial Services Committee today introduced legislation to combat the unprecedented rise in foreclosures, and the associated impact on cities and states. The legislation first announced by Chairman Barney Frank in March, will be divided into two measures: H.R. 5830, the FHA Housing and Homeowner Retention Act, to expand the FHA program to help refinance at-risk borrowers into viable mortgages and also requires the Federal Reserve Board to conduct a study on the need for an auction or bulk refinancing mechanism. The second measure, H.R. 5818, the Neighborhood Stabilization Act of 2008, introduced by Subcommittee on Housing and Community Opportunity Chairwoman Maxine Waters, will provide loans and grants to states and cities to deal with problems associated with large numbers of foreclosures in neighborhoods across the country. Read full story.
- 4/17/2008
Neighborhood Stabilization Act of 2008 (H.R. 5818)
Washington, DC - Summary Read full story.
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