Realty Times (06/09/08); Harney, Kenneth R.
Congress is running out of time to pass a mortgage relief bill; and while House Financial Services Committee Chairman Barney Frank, D-Mass., says a compromise could be made by July 4, housing and mortgage lobbyists remain skeptical. With regard to the proposed $300 billion FHA refinance program, Senate lawmakers want to cover losses using a portion of Fannie Mae and Freddie Mac's operating revenue--a move that is opposed by House Democrats and the government-sponsored enterprises. Additionally, the House is pushing for the conforming-loan limit to remain at $729,750 permanently, while Senate Republicans want to impose a $550,000 limit. Finally, the White House is against tax credits for first-time home buyers, but both parties have included such provisions in the legislation in the hopes of reducing housing inventory.
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