FTC targets mortgage companies in violation of safeguards rule

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; and • $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.