Arizona Mortgage Guru » Status of the FHA Modernization Bill

One of the most common questions I receive from readers of this blog is regarding the status of the FHA Modernization Bill. Both chambers have passed differing versions of the same bill and the outstanding issues need to be resolved before it can be sent to the President for his signature. The President has promised to sign it and in fact has been urging Congress to send him a bill to sign!

Many ask me if I know when the bill will be forwarded to the President. I just wish I had that kind of access and connections, so in simple terms, I don’t know when this will happen. However, I just read some good news. CNN is reporting that the bills have been resolved and the a joint bill will be sent to the President this April:

NEW YORK (CNNMoney.com) — By early April, both chambers of Congress are likely to tie the bow on a bill that would expand the reach of the Federal Housing Administration, which aims to provide safe loan alternatives to subprime mortgages and make homeownership more accessible.

Different versions of the FHA modernization bill passed in the House and the Senate last year, and both Senate Banking Committee Chairman Christopher Dodd, D-Conn., and House Financial Services Chairman Barney Frank, D-Mass., said last week that the differences between the chambers could be resolved in short order.

I promise to have an update on this as soon I find out!

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Tags: Congress, FHA, Modernization Bill
Categories: Congress and Government, FHA, Mortgages

7 Responses to “Status of the FHA Modernization Bill”

george wyman wrote a comment on April 5, 2008, 3:22, pm

Does the emergency housing act the Senate is currently debating appear to include a version of the fha modernization bill?

Shailesh Ghimire wrote a comment on April 10, 2008, 10:52, am

George,

There are so many versions of this floating around with all kids of changes and addendum’s, it’s hard to keep track of everything. I stopped posting on this because it only confuses people. Once a final bill has been passed I’ll put something up.

Susan wrote a comment on May 18, 2008, 8:37, am

Do we know if the increase in FHA limits will extend past 12/31? Do we have any indication at all???

Shailesh Ghimire wrote a comment on May 19, 2008, 7:20, pm

Susan,

As of the passage of the bill it was stated that the new FHA limits would expire by the end of the year. No word yet on that. However, there is a key new bill working its way through Congress which may push back the date… MAY.. I’m not sure since the details of the bill keeps changing.

Thanks for stopping by.

Skip wrote a comment on June 24, 2008, 9:41, am

Looks like the Modernization portion is embedded in the bailout bill. Now that has become more of a political football. Do you think it will get a vote before July 4th? Unless differences get resolved, it looks like the President will veto it. Any new comments?

Skip wrote a comment on June 24, 2008, 2:40, pm

Just saw where the Senate voted today to limit debate on their bill. Still looks like an issue for a Presidential veto, however.

Shailesh Ghimire wrote a comment on June 25, 2008, 8:00, pm

Skip,

I don’t think the bill is even called that anymore. It’s all part of the mortgage overhaul and fix. From what I can tell the bill should pass the Senate despite the all the noise. However, what Bush does is all unknown. Possibly a veto, but who knows. It’s an electin year.