House passes plan to expand FHA's role in mortgages, housing grants

 

By MARCY GORDON             Associated Press           September 18, 2007

 

WASHINGTON - The House on Tuesday approved a plan to expand federal backing of mortgages in hopes of helping struggling homeowners avoid foreclosure.  

The bill, which passed the House 348-72, would allow the Federal Housing Administration, which insures mortgages for low- and middle-income borrowers, to back refinanced loans for tens of thousands of borrowers who are delinquent on payments because their mortgages are resetting to sharply higher rates from low initial ``teaser'' levels. 

The measure is Congress' first stand-alone bill in response to the mortgage-market tumult of the summer, which came amid a rising tide of mortgage defaults and foreclosures. The Senate last week passed spending legislation that includes $200 million to provide aid to nonprofits and other groups that offer counseling and information to help homeowners with high-priced mortgages avoid foreclosure.

 House Republicans sharply objected to a $300 million-a-year fund for grants for affordable rental housing and homeownership assistance for low-income families, which would be financed from FHA revenues -- a plan also opposed by the administration. But the Republicans mostly (CHECK) were swept up to vote for the bill, whose overall thrust they endorsed, in the face of the mortgage crisis.

 ``The American dream is in peril for many families in this country as foreclosures rise and dreams shatter,'' Rep. Betty Sutton, a Democrat from Ohio, a state particularly hard-hit by the default wave, declared in House debate before the vote.

 

 

Our website is a great point to do all your Florida Real Estate search. Try our search tools.

All our services will be at NO COST to the buyers. We get our retribution from the sellers, developers, or builders' representatives.

Our services will include presenting you with floor-plans, brochures and information regarding preconstruction projects, availability of different unities, qualifying you for a mortgage loan, and presenting you with the incentives eventually granted by the developers. 

Condo-Southflorida.com helps buyers and sellers of Florida Real Estate  Our Florida Real estate Agents know the South Florida Condo market for houses, condos, or  homes. We search all Florida listings, Aventura homes, Miami Condos, Hollywood Beach Condos, Hallandale Condos, and Miami  Beach Condos, as well as Orlando Condos. We also provide Condo market news, tips and strategies. Hallandale Real Estate market and Fort Lauderdale Real Estate market have been booming, and we help you identify real estate properties in these areas as well as in the Pembroke Pines Real Estate market and the Sunny Isles Real Estate Market. We live and work in and around Surfside Real Estate market, Downtown Miami Real Estate Market and South Beach Real Estate market. United Realty Group Inc. has a dedicated team of Florida Real Estate experts.  Real Estate is a big investment and we help one person at a time to make smart real estate decisions. Our expertise in the Florida Condo market, our relationships with developers and builders, as well as Condo Conversions specialists, allows us to present you with the best opportunities in the South Florida Real Estate market.