FTC targets mortgage companies in violation of safeguards rule

FTC targets mortgage companies in violation of safeguards rule

June 30, 2008

Housing package bill passes SenateMortgagePress.comSenate, housing, foreclosures, FHA, GSEs, tax relief
On July 11, the United States Senate passed a $300 billion
housing package. The legislation now returns to the House of
Representatives as the two bodies attempt to reconcile the
differences between their respective housing plans.
Key components of the Senate bill include:
• Federal Housing Administration (FHA) reform;
• Tax relief for homeowners;
• $300 billion for a mortgage refinance program to assist
borrowers at risk of foreclosure into affordable loans;
• Creation of a new regulator to oversee Fannie Mae and
Freddie Mac;
• $10 billion in additional mortgage-revenue bonds;
• $150 million in additional housing counseling funding.
Senate Banking Committee Chairman Chris Dodd, one of the
architects of the legislation, is hopeful that the House and Senate
will quickly resolve inconsistencies between their versions of the
bill, (such as funding for community development block grants and
differences related to Fannie Maes and Freddie Mac's loan size
limits and portfolios), in order to present the legislation to
President Bush.