Thursday, July 24, 2008

HR 3221 - Passed by the House...will Bush sign it?

Per Nehemiah's Legislative Update section of its website, both the House and Senate concur with regard to HR 3221 with its recent amendments. It is moving forward with the language that does eliminate 3rd party downpayment assistance programs.

On pages 479 – 481 of the bill, the elimination of down payment assistance is cited (SEC. 2113) with an end date of October 1, 2008. The specific language states that the law “shall apply only to mortgages for which the mortgagee has issued credit approval for the borrower on or after October 1, 2008.”

President Bush still has to sign off on HR 3221...I am thinking that will happen soon...

Though this legislation is getting lots of press lately regarding this one element of the bill, this is a very broad act that has lots of components.

HR 3221 is also known as:

-- Building American Homeownership Act of 2008
-- Clean Energy Tax Stimulus Act of 2008
-- FHA Manufactured Housing Loan Modernization Act of 2008
-- FHA Modernization Act of 2008
-- Mortgage Disclosure Improvement Act of 2008
-- REIT Investment Diversification and Empowerment Act of 2008

If you have trouble sleeping tonight, and want to read a summary of the full scope of this legislation, click here.

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