U.S. Senate Passes Housing Stimulus Bill
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hiThe U.S. Senate passed a bipartisan mortgage rescue bill on Friday that allows the Federal Housing Administration to refinance troubled mortgages – even those that are under water – as long as banks agree to take a loss.
The program would allow the FHA to help as many as 400,000 homeowners.
Now the bill goes to a bipartisan committee in the House for revision. Rep. Barney Frank (D-Mass.), the Financial Services Committee chairman and a primary supporter of the bill, says the few but significant revisions House leaders seek could be made in as little as one week.
The measure includes higher limits for FHA loans and creates a new regulator for Fannie Mae and Freddie Mac. It also would provide $14.5 billion in housing tax breaks, including a credit of up to $8,000 for first-time home buyers.
This is great news for all home buyers anxious to move forward with their housing goals and objectives who have had finacing as one of their concerns..