The National Association of Mortgage Brokers (NAMB) has applauded the House Committee on Financial Services for passing three bills positively affecting the mortgage industry, clearing the bills for consideration by the full U.S. House of Representatives. The bills would, among other things, provide additional funding for the U.S. Department of Agriculture (USDA) Rural Housing Service Loan Guarantee Program (Section 502 Loans); would extend the National Flood Insurance Program; and would provide necessary Federal Housing Administration (FHA) reform to continue offering borrowers affordable mortgage options.
“These bills have cleared a legislative hurdle today, and NAMB commends members of the House Committee on Financial Services for taking a step forward in addressing the nation’s affordable housing needs,” said NAMB President Jim Pair, CMC.
NAMB recently sent a letter to Congress urging them to not allow the USDA Loan Guarantee Program to exhaust its fiscal year federal funding, which was projected to run out within days. HR 5017, the Rural Housing Preservation and Stabilization Act of 2010, sponsored by Rep. Paul Kanjorksi (D-PA), would provide additional budget authority for USDA to continue to guarantee rural loans, as well as make the Loan Guarantee Program self-funded going forward. HR 5017 has been approved on the House floor under suspension of the rules.
NAMB, along with a coalition of industry representatives, sent a letter to the House Committee on Financial Services in support of FHA reform included in HR 5072, the FHA Reform Act of 2010, sponsored by Reps. Maxine Waters (D-CA), Barney Frank (D-MA), Al Green (D-TX), Shelley Moore Capito (R-WV). NAMB anticipates HR 5072 to be considered on the House floor next week.
NAMB also advocated for an extension to the National Flood Insurance Program and other provisions designed to strengthen the program included in HR 5114, the Flood Insurance Reform Priorities Act of 2010, sponsored by Rep. Maxine Waters (D-CA). HR 5114 will be considered on the House floor shortly, a definitive date has not yet been chosen.
“NAMB looks forward to continuing its work with members of Congress as the bills move forward, in what is sure to be a victory for consumers,” said Pair.
For more information, visit www.namb.org.