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U.S. Ponders a New Deal for FHA |
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The combination of loose credit and rising prices during the recent housing boom brought the Federal Housing Administration
to the brink of irrelevance. The agency has helped generations of
Americans buy homes, but few needed its assistance when private loans
were so easy to obtain.
Now, as the era of easy money yields to a
credit crunch, the Bush administration is considering broadening the
FHA's mandate to help borrowers avoid foreclosure. The administration
is studying the possibility of allowing the FHA to take on mortgage
refinancings for borrowers in default, something the agency is not
currently permitted to do, a senior official at the Department of Housing and Urban Development said.
Read on
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Congress Moves to Boost 2008 HUD Funding |
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Housing advocates can find
good news and bad news in
the fiscal 2008 Department
of Housing and Urban
Development (HUD)
appropriations bill moving through
Congress.
The good news is substantial funding
increases for major programs, including
Sec. 8 and Community Development Block
Grants (CDBGs), and a resounding rejection
of cuts proposed by the Bush administration.
The bad news is that the HUD bill,
like several other funding measures, is facing
a presidential veto that the Democrats
almost certainly won’t be able to override.
Before legislators left for the August
recess, the full House passed the HUD
appropriations bill (H.R. 3074) by a vote
of 268 to 153, and the Senate
Appropriations Committee approved its
version of the bill (S. 1789).
Read on
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