Today FHA Commissioner Brian Montgomery conducted a telephone briefing on the FHA Modernization legislation and he announced that HUD will be eliminating the HECM Advisor program.  According to NRMLA, HUD will be issuing a Mortgagee Letter within the next 30 days because the new law requires that, “All parties that participate in the origination of […]

Early this morning President Bush signed the Housing and Economic Recovery Act of 2008 with his economic team on hand, including Treasury Secretary Henry Paulson who helped negotiate the package with the Democratic-controlled Congress.
Reverse mortgage originators have been anxiously anticipating the Bill which gives HECM’s a national loan limit of $417,000 and a max of […]

Today, the Senate approved H.R. 3221: The Housing and Economic Recovery Act of 2008 by a vote of 72 to 13, with 27 Republicans joining all the Democrats in attendance to support it. The measure now goes to President Bush, who has said he will sign it, perhaps as early as next week.
According to NRMLA’s […]

Yesterday, the House passed H.R. 3221: The Foreclosure Prevention Act of 2008 by a vote of 272-152. The Bill will now go back to the Senate for a vote and, assuming this passes without delay in the Senate, the Bill will then go to the White House for final approval.
The version of the bill that […]

Yesterday NRMLA announced that the housing bill which includes the HECM amendments will be brought to the House floor for yet another vote that is currently scheduled for Wednesday, July 23. 
The Senate recently passed a version of H.R. 3221 late on Friday, July 11, and sent it over to the House for its […]