HUD waives anti-flipping rule for foreclosed properties

Congressional Budget Office releases cost estimate report for Senate mortgage reform legislation MortgagePress.comSenate Mortgage Reform Legislation, Congressional Budget Office, Fannie Mae, Freddie Mac, Federal Housing Finance Regulatory Reform Act of 2008 The Congressional Budget Office (CBO) estimated that Fannie Mae and Freddie Mac will pay at least $9 billion in additional fees over 10 years under the Senate's Federal Housing Finance Regulatory Reform Act of 2008. If the bill is enacted, the additional fees would be used for a Federal Housing Administration mortgage-insurance program until 2011, and then to fund state housing and community development projects. The CBO, which released the figures as part of a cost estimate report requested by the Senate Committee on Banking, Housing , and Urban Affairs, projects that the program will cost Fannie and Freddie approximately $710 million combined for 2009. The report is available on the Congressional Budget Office's Web site by clicking here.