President Obama recently signed the Restoring American Financial Stability Act of 2010 in law. This new law has been crowned the strongest financial and regulatory reform measure since Franklin Roosevelt's response to the Great Depression and is focused squarely on the vital task of restoring responsibility and accountability to the U.S. financial system. Some important housing provisions according to the National Housing Conference include:
Provides $1 billion for emergency mortgage relief for qualified unemployed homeowners with reasonable prospects for reemployment;
Reforms a number of current mortgage related practices and requires lenders to retain 5 percent of the risk related to mortgage loans;
Authorizes a U.S. Department of Housing and Urban Development (HUD) Foreclosure Legal Assistance program;
Requires the U.S. Department of Treasury to conduct a study on reforming the Housing Finance System;
and Extends the Protecting Tenants at Foreclosure Act and more.
Sources: National Housing Conference,