September 19, 2007
This entry was posted on Wednesday, September 19th, 2007 at 4:15 am and is filed under Latest FHASecure Related Information. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.
On Tuesday, the House passed a bill designed to help borrowers who have been hit by the subprime mortgage crisis by a vote of 348-72.
Some of the highlights of the bill include:
- $300 Million per year to be put into an affordable housing fund.
- Agency loan limits raised to as high as $729,750
- Elimination of down payments on FHA loans (currently a 3% down payment is required)
The House vote came on the same day that the Fed vcut its overnight interest rate target by 50 basis points to 4.75% and according to Moody’s Economy.com analyst Ryan Sweet, this rate cut will not “Save the day for the consumer” and ”Further action is going to be needed.” He points consumers to watch for further Fed action in October and December.