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Part 2 - Down Payment Assistance Rescue H.R. 6694
With the melt down of Lehman Brothers Holdings Inc., once the fourth-largest investment bank in the US, the buy out of Merrill Lynch by Bank of America, Insurance Giant AIG looking for $40 Billion in "shore up money", and over 117 banks on the FDIC Watch List (source www.cnbc.com), the negative impact to the real estate industry, particularly the conventional lending arena, could be legendary... perhaps more dynamic and life changing than the events of the Great Depression. These turns of events simply reinforce the need to do all we can to convince congress to pass H.R. 6694 before they adjourn for the year on September 26th 2008.
H.R. 6694 provides unprecedented control over how DPA loans are granted to borrowers. H.R. 6694, the DPA reform bill, eliminates all of the concerns HUD stated with DPA during their court hearing in 2007... including any potential impact on the FHA fund.  Brian D. Montgomery, Assistant Secretary Housing - Federal Housing Commissioner attempted to alarm congress and the public during his press conference with the National Press Club when he said, "We had to book an additional $4.6 billion in unanticipated long-term losses, mostly due to the increased number of certain types of seller-funded loans in the FHA portfolio".  ... more

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