Publication: Nation's Cities Weekly
Publication Date: 24-DEC-07
Delivery: Immediate Online Access
Author: Wallace, Mike

Article Excerpt
A bill authored by Senate Banking Committee Chairman Christopher Dodd (D-Conn.) to increase the financing options for homeowners hit hard by the current foreclosure crisis and credit crunch in the mortgage market passed the Senate. The bill, S. 2338, the Federal Housing Administration Modernization Act, would reform the Federal Housing Administration (FHA) and provide it with the necessary authority to help a larger number of struggling homeowners avoid foreclosures.

A similar FHA modernization bill (H.R. 1852) passed the House in September. The President urged Congress to pass an FHA modernization bill quickly to stem...



NOTE: All illustrations and photos have been removed from this article.



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