Should we support the FHA Modernization Act of 2007?

By
Real Estate Agent with Keller Williams Realty NC RE Lic #210076

The House of Representatives passed H.R. 3915, the Mortgage Reform and Anti-Predatory Lending Act of 2007, on Nov. 15 in an effort to address the turbulence in the mortgage market.

The bill wouild require lenders tp require borrowers to have a reasonable ability to pay back a loan, bring mortgage brokers under a nationwide licensing registry, expand some limits on high-cost mortgages and establish some legal liability standards for mortgage

The bill, which seeks to curb abusive mortgage lending practices, would require lenders to make sure borrowers have a reasonable ability to pay back a loan, bring mortgage brokers under a nationwide licensing registry, expand some limits on high-cost mortgages and establish some legal liability standards.

The bill would also establish federal standards for appraisers and require certain borrowers to open escrow accounts along with their mortgages to protect against unexpected taxes and insurance premiums.

The bill has not passed the Senate

NAR is encouraging realtors® to contact their senator and encourage the passage of the bill. Before you do, I recommend you read the bill for yourself before contacting your Senator.

You can read the bill at FHA Modernization Act of 2007

If you need to know how to contact your Senator, click here: Senators of the 110th Congress

Comments (2)

Natalie Langford
Realty Negotiations - Winchester, VA
Winchester, VA Real Estate
Well, I did decide to support it because I trust NAR...I look forward to the educated comments here...
Nov 28, 2007 01:04 PM
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services
What is going to happen to the bill next?  Do you think this version will stay the same or will there be amendments etc? I think there have been a lot of blogs on this in the past week or so... you may want to check them out.
Nov 28, 2007 01:34 PM