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#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 00:00:00 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 00:00:00 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 00:00:00 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 00:00:00 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 00:00:00 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 00:00:00 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 00:00:00 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 00:00:00 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 00:00:00 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 00:00:00 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 00:00:00 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 00:00:00 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 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_SN_2338.html#39189 betty, et al- the already agreed upon FHA_HECM max of $417,000 will more than cover you. you don't need $625,500. as mentioned in my last blog and john's, the near-collapse of fannie mae and freddie mac will require some time for the executive and legislative branches to work out a compromise. rest assured both branches consider this a high priority and wish to resolve the issue. keep in mind that even before the fannie/freddie episode, the price tag on this huge monster of a rescue package was $300 billion. That's $1,000 for every man, woman, and child in America. ironically and interestingly, the short paragraph that relates to our HECM package, will cost the government no money at all as it is covered by the equity in the collateral property and our FHA insurance premiums. peace.... 39189@http://www.washingtonwatch.com Mon, 21 Jul 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_SN_2338.html#39202 I guess it would be too much to ask of Congress to just pass the FHA Modernization Act - or even the HECM part of it. Then they could just haggle and argue over the rest of the fannie/freddie and foreclosure mess, but at least it would rescue some of us in the meantime. I have about given up on this Congress and I don't think it is going to get much better.... 39202@http://www.washingtonwatch.com Mon, 21 Jul 2008 00:00:00 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 00:00:00 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 00:00:00 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 00:00:00 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 00:00:00 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 00:00:00 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 00:00:00 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 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_SN_2338.html#39169 I sent the following 2 each of my Senators:As a member of the reverse mortgage community I am asking the following: We need 2 keep the ahility 2 live independently in our houses. -The HECM loan limits need an increase, 2 protect us from more debts. It'll help obtain more HECMs like other FHA loans under the pending legislation. -I am in desperate need that this matter gets resolved. I am affraid of foreclosure. My mortgage is $2,977.34 and is beginning 2 have a big impact in my finances. I urge you Senator J. Webb & J. Warner 2 call Sen. Shelby, as well as Sen. Chris Dodd, the Democratic chairman of the committee, and ask 4 a $625,500 max loan limit for HECM included in the bill that is brought to the floor.... 39169@http://www.washingtonwatch.com Sat, 19 Jul 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_SN_2338.html#39170 My story is: I owe 3 mortgage payments. I called 4 help and was assited with an installment plan . By Sept I have 2 come up w/ a big lump sum. I live in VA (I am 76 yo and my wife 77) my house's value is $359,000, my mortgage loan is $258,000, with the current HECM limit, I need approx $20,000. If the HECM limit is increased, I will not have 2 come up with this money at all ($20,000).... 39170@http://www.washingtonwatch.com Sat, 19 Jul 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_SN_2338.html#39171 My story is: I owe 3 mortgage payments. I called 4 help and was assited with an installment plan . By Sept I have 2 come up w/ a big lump sum. I live in VA (I am 76 yo and my wife 77) my house's value is $359,000, my mortgage loan is $258,000, with the current HECM limit, I need approx $20,000. If the HECM limit is increased, I will not have 2 come up with this money at all ($20,000).... 39171@http://www.washingtonwatch.com Sat, 19 Jul 2008 00:00:00 EDT