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Housing Initiatives

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Real Estate Agent with Kendall Haney Realty Group

Earlier this year, Congress and the Administation raised the Fannie Mae and Freddie Mac limit to $730,000.  In a bill in the Senate Banking Committee (Chair by Sen. Chris "Boy did Countrywide give me a good deal" Dodd) they proposed dropping the limit to $550,000 but have recently raised it in their bill to $625,000.  This is much better than the $417,000 that we previously dealt with.

The Housing Banking Committee, chair by Rep. Barney Frank, isn't sure about the whether they are going to let this bill get through the house.  Frank states in the article that he is committed to the Housing Initiatives Bill and will get it done.  The intiatives, that revived FHA, remain in place until the end of the year. 

I'm not fretting about this.  There are two things that will happen.  The House will come up with their version of the bill and then there will be a Senate version. It sound as though they aren't that far apart and I think they will work out the wrinkles in the bill through a House/Senate Conference Committee.  Worse comes to worse, they will probably extend the current legislation prior to it's expiration and the finaly adjournment of the Congress and leave it to the new administration and Congress to work this out.

What appalls me the most, is that we have been dealing with all of this for a period of time and Congress has just "figured out" that there is a problem.  As well as the Administation.  I wish the politicians would be more "with it".

It's time for politicians to climb out of their Kudzu cover towers and feel the pain of the people who elect them.

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