Comments on: Modernization Not A Done Deal

by: Len Mandel

Sat, 05 Apr 2008 12:37:05 +0000

What seems to be the holdup preventing passage of the modernization bill. We have completed the required counseling to qualify for a HECM mortgage and await the increase in the loan cap to $417,000 so we can close the deal without an up front cash outlay. Who do we have to contact to convince them of the critical importance of bringing this bill forward for final approval? We are retired seniors looking at the lose of our home unless this legislation gets signed into law. Please help!!!

by: Gary Jackson

Mon, 11 Feb 2008 15:35:45 +0000

Part of the bill passed by the house was to eliminate the requirement of an audited financial for a broker to become approved to originate FHA loans. As I understand it their bill would change this requirement to have a bond.

Is there any word as to when or if the senate will take action on this

by: Peter G. Miller

Thu, 03 Jan 2008 12:24:51 +0000

John –

You make a good point.

It is entirely common on Capitol Hill to introduce bills which have little chance of passage without amendment — and to then fight for as little amendment as possible.

Frank did get a veto-proof vote on his bill so in this case he has a strong position to fight dilution. Whether he will succeed is an open question.

by: John Skaggs

Wed, 02 Jan 2008 19:14:07 +0000

In June 2006 the Republican controlled House passed HR 5121. Barney Franks and Maxine Waters voted for it. That bill was much more conservative to what they want now (HR 1852). I believe in the end Mr. Franks will bend in order to get it done. One element in the House version I hope he wins out on is on the loan limits.