Released: May 26, 2007

Can FHA bill save the day?

Source: Kenneth R. Harney, Washington Post (Free Registration)

With more credit-stressed mortgage borrowers falling behind on their payments, will Congress step in and throw them a lifeline?

Will legislators transform the most consumer-friendly home mortgage program for moderate-income buyers into a serious alternative for refinancers heading for default and foreclosure in high-cost communities?

Those questions put the spotlight on major legislation now pending on Capitol Hill - the modernization of the Federal Housing Administration’s mortgage insurance programs. The House Financial Services Committee passed an overhaul bill earlier this month, and the full House is expected to take it up in June. Then it’s over to the Senate, where similar legislation crashed and burned late last year.

Read Full Article: Can FHA bill save the day?