Lookie hear what the house passed,
The U.S. House of Representatives on Thursday approved legislation to create a $300 billion mortgage-insurance fund and provide billions more in homeowner aid to stabilize a housing market shaken by a wave of foreclosures and a credit crunch.
The string of bills written by Democrats, the most aggressive government effort to date to combat the nation's housing woes, would give some first-time home buyers a $7,500 tax credit and send $15 billion to communities hit hard by the mortgage crisis to help them buy and fix abandoned homes.
The mortgage-insurance fund at the heart of the initiative would give the Federal Housing Administration fresh cash and a new mandate to refinance borrowers whose homes have dropped in value since they took out their mortgage.
Under the program, lenders would get an FHA guarantee on the loan if they wrote down the principal amount, an initiative that could help up to 500,000 borrowers.
The plan to retool the FHA passed 266 to 155 and notably drew the support of 39 Republicans, even though the measure faces a White House veto threat. The homebuyer tax credit measure was approved by a margin of 322 to 94.
What do you guys think? Do you think this will help us? Do you think this will help homeowners?
I hope this mortgage-insurance fund works due to people being upside in their mortgage. I just wonder what the rates will look like and if it will still be feasible for them. There were other things that were passed, but what do you think? Do you think this will help this mortgage crisis? I think it will help in some capacities but I do not think it is the solution.
What about all these stated borrowers who have adjustable rate mortgages and are due to reset soon, especially jumbo loans?
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