HOUSING

  • Pushed for a broad housing legislation package under the American Housing Rescue and Foreclosure Prevention Act (before Senate) , including, but not limited to:
    • FHA (Federal Housing Authority) Housing Stabilization and Homeownership Retention Act of 2008 (on Union calendar) , which provides for $300 billion in refinanced mortgages for families deemed at risk of foreclosure, and places the burden of repayment on lenders and borrowers instead of taxpayers to prevent the authorization of government bailouts of mortgage lenders
    • Neighborhood Stabilization Act of 2008 (referred to Senate Committee on Banking, Housing and Urban Affairs) , authorizing the Secretary of Housing and Urban Development to disburse $15 billion in loans to states to rehabilitate foreclosed properties and neighborhoods devastated by numerous foreclosures
    • Housing Assistance Tax Act of 2008 (on Union calendar) authorizing an additional $10 billion to states to provide loans to first-time homebuyers and refinance sub-prime loans; the Act also includes reforms to push for the development of low-income housing and gives a tax credit to first-time homebuyers, which functions as an interest-free loan and housing market stimulant
    • The Expanding American Homeownership of 2007 (referred to Senate Committee on Banking, Housing and Urban Affairs) provides more affordable mortgage options for those who would otherwise obtain sub-prime mortgage loans, and broader access to reverse mortgages for senior citizens
    • The American Housing Rescue and Foreclosure Prevention Act (before Senate) also authorizes higher VA loan limits for veterans in order to provide them with homeownership options, including in higher cost neighborhoods
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