House Passes FHA Reform Legislation
September 20, 2007
On Wednesday, September 19th the House passed the "Expanding American Homeownership Act of 2007," which would provide comprehensive reform of the FHA program. The bill would raise loan limits for single and multifamily loans, provide for smaller down payments, and enhance the reverse mortgage program. It would provide relief to homeowners who are facing rising adjustable rates and foreclosure. The Senate Banking Committee reported its version of the legislation the same day.