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Daily Real Estate News | May 9, 2008
U.S. House Passes Plan to Help Borrowers
The U.S. House passed a housing aid plan Thursday that would provide $300 billion to refinance mortgages for homeowners facing foreclosure.
Under the program, lenders will get an FHA guarantee on the loan if they write down the principal amount by 15 percent from the home’s current appraised value. The bill excludes investors and those who lied about their income on a loan application.
A companion measure would give first-time home buyers a $7,500 tax credit and provide $15 billion to allow communities to buy and fix abandoned homes. The vote on the FHA plan was 266 to 155, drawing support from 39 Republicans. The homebuyer tax credit was approved by a margin of 322 to 94.
The bill now goes to the Senate, which must debate and vote on it. President Bush has said he would veto the measure if it passes.
Source: Reuters News, Patrick Rucker (05/08/2008)
Read more: NAR Says Stimulus Bill Will Help Stabilize Housing, Mortgage Markets
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