On July 11th, 2008 the Senate voted 63 to 5 to approve the Housing bill, HR 3221, which creates affordable housing opportunities by setting loan limits up to $625,500 for Fannie Mae, Freddie Mac and FHA, and will stimulate housing demand with a temporary $8,000 home ownership tax credit. The bill also includes broad reform for Fannie Mae, Freddie Mac, and FHA, and creates a new FHA program to help homeowners at-risk for foreclosure.
This bill is critical to restoring confidence in the mortgage and housing markets and the nation’s entire economy. But it isn’t complete yet. Now, the bill goes to a conference committee before Congress can send it to the President. Negotiations begin over the next few days and weeks, and both House and Senate leaders hope to get the bill on the President’s desk before the August recess.
- The above is an excerpt from the President of National Association of REALTORS, Dick Gaylord's letter of July 15, 2008 to thank realtors for their support for the bill.
For real estate related news, please visit http://www.realtor.org/press_room/news_releases/index.
For information on Palos Verdes homes, please visit http://www.natashastewart.com/.
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