With just a few votes short, the historic bail out proposal falls short. Stock market at one point drops 778 points!
September 29, 2008
September 19, 2008
Rumors of RTC Circulate, Stocks Surge.
Resolution Trust Corportation was created in the 80’s as a carrier of bad bank bebt. Rumors are that congress and President Bush are working on something similar
September 17, 2008
What is H.R. 6694?
H.R. 6694 would revise the requirements for seller-financed downpayments for mortgages for single-family housing insured by the Secretary of Housing and Urban Development under title II of the National Housing Act and to authorize risk-based insurance premiums for certain mortgagors under such mortgages. Under HR 3221 provisions downpayment assistance would end september 2008.
HR 6694 Gets Approval from House Financial Services Committee!!
Yahoo News reports that HR6694, aka The FHA Seller-Financed Downpayment Reform and Risk-Based Pricing Authorization Act of 2008, has been approved by the House Financial Services Committee. Although this is just one of many hurdles to reform and maintain seller-funded downpayment assistance programs such as Nehemiah, Ameridream, HART. As of right now, seller-funded downpayment assistance is set to end as of the end of September, due to provisions in HR3221 we will keep you informed.
