FHA Mortgage Guide

The House of Representatives has passed H.R. 3915, the Mortgage Reform and Anti-Predatory Lending Act of 2007. The bill passed the House by a vote of 291-127.

Kieran P. Quinn, CMB, Chairman of the Mortgage Bankers Association (MBA) said his group believed that “this bill will limit credit availability and options for thousands of Americans who want to grab their share of the American dream of homeownership. It will eliminate tools that millions of Americans have used to become successful long-term homeowners.

“MBA has worked tirelessly with Chairman Frank and other House members to try and address our concerns with the bill and make it a better overall product. Much has changed to improve the bill, including an amendment that passed today to exempt loans insured by the Federal Housing Administration from the bill. Unfortunately, many of our key concerns have not been addressed.

“It still allows for the patchwork of state laws that serve to foster confusion for lenders and borrowers alike. Its rebuttable presumption provisions still expose lenders to unacceptable liability risk. It creates ambiguity around the legitimate payments between secondary and primary mortgage markets that increase the flow of capital to homeowners. And the lowered HOEPA triggers will most assuredly eliminate mortgage products that have worked well for many borrowers.

“I regret that we cannot support this bill.”

The House produced a veto-proof vote, the next step will be to see what happens in the Senate.

Check out these FHA resources for more information

This entry was posted on Thursday, November 15th, 2007 at 4:41 pm and is filed under . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.