The Senate has come together on a Saturday, and after hours of discussion they have passed the new housing bill that will offer up to $300 billion dollars in loans for troubled homeowners, and come to the rescue of Fannie and Freddie.

“This legislation won’t perform miracles. But as others have said, it’s a step - and I hope an important step - to putting our nation on the road to economic recovery,” said Sen. Christopher Dodd, D-Conn., chairman of the Senate Banking Committee and a principal author of the bill.

These are the benefits that this bill will provide:

• Increase the Federal Housing Administration’s role
• Establish a stronger regulator for the GSEs
• Permanently increase “conforming loan” limits
• Create home-buyer credit
• Bar down-payment assistance for FHA loans
• Create an affordable housing trust fund
• Give grants to states to buy foreclosed properties

This entry was posted on Saturday, July 26th, 2008 at 12:25 pm and is filed under For Home Buyers, For Home Sellers, General Real Estate News, Mortgage & Finance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.