http://www.washingtonwatch.com/bills info@washingtonwatch.com http://www.pjdoland.com/chai/?v=0.1 http://www.washingtonwatch.com/bills/show/110_SN_2338.html#39351 I'm a little confused about the time to get this going. In the originator Times it said, in reference to FHA Modernization and the Bill, "Effective January 1, 2009, iy also increases the FHA loan limit to the lesser of 115 percent of the local median home price or $625,500 with a floor for lower priced markets of $271,000" What is this all about, John, and I assume we don't have to wait until January 1. Does anybody know anything about this?... 39351@http://www.washingtonwatch.com Fri, 25 Jul 2008 00:44:03 EDT http://www.washingtonwatch.com/bills/show/110_SN_2338.html#39336 JOHN: THANK YOU ,, I did not want to bother you again with my questions .. you have answered so many of them in the past ... ( I once again say THANK YOU !! for you help )... 39336@http://www.washingtonwatch.com Thu, 24 Jul 2008 18:08:51 EDT http://www.washingtonwatch.com/bills/show/110_SN_2338.html#39335 Look at Hud website https://entp.hud.gov/idapp/html/hicost1.cfm Enter county,state and if a forward, hecm or fannie/freddie loan. These are only the temporary stimulus package limits but it will give you an idea where you stand. Published limits possible 30 days after enactment.... 39335@http://www.washingtonwatch.com Thu, 24 Jul 2008 17:55:01 EDT http://www.washingtonwatch.com/bills/show/110_SN_2338.html#39331 MR.DSMITH I live in Plainfield ,Illinois ... How do I find out if this is considered as indicated above a " HIGH COST AREA " ??? our home is well over the $ 417,000 limit .. Thank YOU ...... 39331@http://www.washingtonwatch.com Thu, 24 Jul 2008 14:48:20 EDT http://www.washingtonwatch.com/bills/show/110_SN_2338.html#39328 Here are the HECM changes in the house bill..... A single national loan limit of $417,000 that can increase up to as much as $625,500 in high cost areas...Home Purchase product authority....Co-op product provisions..Origination fees of 2% on the initial $200,000 loan amount and 1% on the balance thereafter with a cap of $6,000 Prohibitions on requiring the purchase of annuities and other financial products...Restrictions around cross selling financial products.... 39328@http://www.washingtonwatch.com Thu, 24 Jul 2008 13:20:22 EDT http://www.washingtonwatch.com/bills/show/110_SN_2338.html#39314 could someone tell me were do you go to get help once they pass the housing bill thank you!... 39314@http://www.washingtonwatch.com Wed, 23 Jul 2008 20:03:55 EDT http://www.washingtonwatch.com/bills/show/110_SN_2338.html#39310 What a bunch of idiots! No wonder their overall approval rating is only 14%. These folks do not care about or listen to their consituents, act on their own, grandstand, add add irrelevant legislature to these bills which slows the process, and overall, ignores the needs of the American consumer. Anyone disagree?... 39310@http://www.washingtonwatch.com Wed, 23 Jul 2008 18:46:37 EDT http://www.washingtonwatch.com/bills/show/110_SN_2338.html#39308 Thanks, John and DSmith, I'm dissappointed.....thought they were already voting on the ammended Senate bill. When does Congress go on summer break and is there a way to force a vote in the Senate before they leave?... 39308@http://www.washingtonwatch.com Wed, 23 Jul 2008 18:01:06 EDT http://www.washingtonwatch.com/bills/show/110_SN_2338.html#39307 John... forgot about the fat lady...lol...Pasted house 272-152...The measure is on track to pass the Senate and become law within days. President Bush dropped his opposition earlier in the day....The bill sets a cap of $625,000 on the loans that Fannie Mae and Freddie Mac may buy and the FHA may insure. It also lets them buy and back mortgages up to 15 percent above the median home price in certain high cost areas....I'm still reading to make sure this will also be the new HECM limit.... 39307@http://www.washingtonwatch.com Wed, 23 Jul 2008 17:51:51 EDT http://www.washingtonwatch.com/bills/show/110_SN_2338.html#39306 Not over till the fat lady sings folks! Senate still has to vote. Some plan on using procedural tactics again to delay the vote. It is a losing battle for these handfull of Senators. Then finally to W.... 39306@http://www.washingtonwatch.com Wed, 23 Jul 2008 17:23:53 EDT http://www.washingtonwatch.com/bills/show/110_SN_2338.html#39305 Karen... George Bush said today that he will NOT veto the bill... so him signing it is the next step.... then Hopefully HUD will publish mortgagee letters implementing the single national loan limit and origination fee limitation quickly.. we expect within 30 days.... 39305@http://www.washingtonwatch.com Wed, 23 Jul 2008 17:14:57 EDT http://www.washingtonwatch.com/bills/show/110_SN_2338.html#39304 5 p.m. 7/23/08 The House just passed the housing bill...........can someone tell us what the next step is.... 39304@http://www.washingtonwatch.com Wed, 23 Jul 2008 17:05:50 EDT http://www.washingtonwatch.com/bills/show/110_SN_2338.html#39297 Anybody waiting for HR3221 to pass for something other then a reverse mortgage refi? Let's hear it.... 39297@http://www.washingtonwatch.com Wed, 23 Jul 2008 13:59:23 EDT http://www.washingtonwatch.com/bills/show/110_SN_2338.html#39289 7-23-08 House is set to vote on bill today and George Bush also said today that he will NOT veto the bill... Hopefully HUD will publish mortgagee letters implementing the single national loan limit and origination fee limitation quickly.... I have over 20 homeowners here in Virginia that are pending waiting for limit change and many of them... need this in order to payoff a bad subprime loan.... 39289@http://www.washingtonwatch.com Wed, 23 Jul 2008 10:34:46 EDT http://www.washingtonwatch.com/bills/show/110_SN_2338.html#39280 Actually, the trend is toward DPA with almost 40% of all down payment coming from that source. The foreclosure rate associated with DPA has fallen dramatically, largely, as a result of more rigorous underwriting and prudent loan origination. The times are changing, but in the direction of decreased income, higher fuel and food costs, resulting in less money for housing. Many foreclosures occur because the buyer has no reserves to deal with unforeseen problems such as layoffs, health costs, and increased standard of living. Yes, there should be a provision for DPA, now more than ever, to prevent a further slump in housing and deter a worsened economy.... 39280@http://www.washingtonwatch.com Wed, 23 Jul 2008 06:59:31 EDT http://www.washingtonwatch.com/bills/show/110_SN_2338.html#39264 Chuck, In 2006 when the House and Senate began debating FHA Reform, some lawmakers did not like the FHA program, calling it a subprime loan. Mainly because of the foreclosure rates. The vast magority where down-payment assistance loans. The 80/20 loans are a major cause of our foreclosure problem on the conventional side. The lesson for all is "no skin in the game" then no loan. FHA does not want it either. Special interest groups are the only ones behind this outdated program. Sorry times are changing.... 39264@http://www.washingtonwatch.com Tue, 22 Jul 2008 18:04:57 EDT http://www.washingtonwatch.com/bills/show/110_SN_2338.html#39257 Does anyone know when the House is supposed to vote on this bill? And, does anyone know the status of down payment assistance which was originally part of 1852? If any of you have followed the comments on the Regulations.gov site pertaining to HUD's attempt to eliminate DPA, the concensus of Americans overwhelmingly want to keep it and oppose HUD's rule. Any comments here?... 39257@http://www.washingtonwatch.com Tue, 22 Jul 2008 15:44:37 EDT http://www.washingtonwatch.com/bills/show/110_SN_2338.html#39239 Betty... I also have been sending letters to our Virginia Senators and I've driven up to DC to meet with our Congressman/women to discuss the impact of a higher national limit... I've been told it's going to happen soon. As for your being late, do not worry about foreclosure if you can not make the Big payment in Sept.. just apply for your reverse mortgage NOW and then have your reverse lender explain what is going on to your mortgage company... they will wait, they really do not want to take back any more homes then they have to.... 39239@http://www.washingtonwatch.com Tue, 22 Jul 2008 10:09:12 EDT http://www.washingtonwatch.com/bills/show/110_SN_2338.html#39231 Origination fee limitation, likely to end up at 2% of first $200,000 of maximum claim amount, plus 1% of any additional maximum claim amount, up to a cap of $6,000. If a bill is signed into law, we anticipate that it will take HUD 30 to 60 days to publish mortgagee letters implementing the single national loan limit and origination fee limitation, and we understand a new higher floor (the current floor is $2,000). Additional mortgagee letters implementing HECM for home purchase and HECM for coops will be published several weeks later.... 39231@http://www.washingtonwatch.com Mon, 21 Jul 2008 23:01:12 EDT http://www.washingtonwatch.com/bills/show/110_SN_2338.html#39230 Single national loan limit for HECM, which could come out at any of a few options. As of now, it could end up at $417,000 or $550,000 or $625,500. It could also end up at $417,000, but with a provision allowing it to be adjusted to $625,500 in high cost areas. Or, a whole new level could emerge from final negotiations.... 39230@http://www.washingtonwatch.com Mon, 21 Jul 2008 22:57:55 EDT http://www.washingtonwatch.com/bills/show/110_SN_2338.html#39229 It is expected that the House will approve this bill fairly quickly and send it back to the Senate, which could follow suit and act quickly, as well. That means it is quite possible that this major housing bill could be sent to the President sometime this week. That could bring us to the end of this saga – The actual draft that will be brought to the House floor has been in negotiation and drafting all weekend, so we don’t yet know for sure exactly what will be included.... 39229@http://www.washingtonwatch.com Mon, 21 Jul 2008 22:55:34 EDT http://www.washingtonwatch.com/bills/show/110_SN_2338.html#39228 The legislative saga of the HECM amendments will continue this week as the major housing bill containing these provisions is brought to the House floor for yet another vote, currently scheduled for Wednesday, July 23.... 39228@http://www.washingtonwatch.com Mon, 21 Jul 2008 22:52:43 EDT http://www.washingtonwatch.com/bills/show/110_SN_2338.html#39224 Thanks, Charlotte; however, I have been tuned into that site for several months...........not sure if it is a good thing or bad thing as I am becoming more and more frustrated.... 39224@http://www.washingtonwatch.com Mon, 21 Jul 2008 22:18:53 EDT http://www.washingtonwatch.com/bills/show/110_SN_2338.html#39205 Sorry, that was Congress.gov Old ladies makes goofs up from time to time. I am one of them.... 39205@http://www.washingtonwatch.com Mon, 21 Jul 2008 12:40:37 EDT http://www.washingtonwatch.com/bills/show/110_SN_2338.html#39203 You can get an idea of what the Congress is doing by going to Congress.com and clicking on "on the house floor". Of course they are just now getting started with their days work (12:30PM).... 39203@http://www.washingtonwatch.com Mon, 21 Jul 2008 12:37:52 EDT