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H.R.5830

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FHA Housing Stabilization and Homeownership Retention Act of 2008

To create a voluntary FHA program that provides mortgage refinancing assistance to allow families to stay in their homes, protect neighborhoods, and help stabilize the housing market.

OpenCongress Summary:
Permits the Federal Housing Administration (FHA) to guarantee up to $300 billion in refinanced, viable mortgages for primary residences considered at risk foreclosure. Lenders would have to accept a write-down of principal in exchange for a short payment from the proceeds of the new loan. The borrower would have to agree to share any future home appreciation with the government. Only loans made before Dec. 31, 2007 would be eligible and signs of financial hardship would have to have been apparent before March 1, 2008. This bill is expected to be packaged together with some tax provisions, a GSE reform proposal and a bill to modernize the FHA. Barney Frank, the bill's sponsor, is hoping to finalize work on the package by the end of June.
Other Bill Titles (3 more)

4/17/2008--Introduced.
FHA Housing Stabilization and Homeownership Retention Act of 2008 - Amends the National Housing Act to create the Refinance Program Oversight Board, charged with establishing program and oversight requirements for the programs established under this Act. Instruct... moreSee Full Bill Text

Amendments

This bill has no amendments.



Bill Status

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IntroducedresultVoted on by HouseresultVoted on by SenateresultConsidered By PresidentresultBill Becomes Law
April 17, 2008
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In the News feed

May 21, 2008 Housing help

Still, critics of the proposal (HR 5830:hr05830: in the House and known in the Senate as the Federal Housing Finance Regulatory Reform Act of 2008) complain ...

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Source: Los Angeles Times, CA


May 12, 2008 Congressman Ron Klein weekly report

The housing legislation includes the FHA Rescue and Neighborhood Stabilization Acts, (HR 5830 and 5818) which provide mortgage refinancing assistance to ...

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Source: Boca Raton News,  USA


May 08, 2008 House Approves Controversial Housing Package

Characterizing his proposal — HR 5830, the FHA Housing and Homeowner Retention Act — as a “cooperative approach” to solving the housing mess, ...

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Source: Housing Wire


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Blog Coverage feed

July 02, 2008 Employment free home work

But It May Not Turn Out to be a Veto Promise After sending mixed signals for weeks about HR 5830, the Frank FHA mortgage refinaince loan guarantee program, President Bush issued a Statement of Administration Policy (SAP) opposing a . ...

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Source: Home Employment Blog


July 02, 2008 SPECULATION ABOUT THE EFFECTS OF THE NEW FL FORECLOSURE LAW

Foreclosure as well as HR 5830 - The Problem as well as The Opportunity The foreclosures opposite the nation have been causing problems inside of neighborhoods. Most areas in the US have been experiencing the climb in crime rates due to ...

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Source: Foreclosure Listings


July 02, 2008 Foreclosure and HR 5830 - The Problem and The Opportunity

The foreclosures across our country are causing problems within neighborhoods. Many areas in the US are experiencing a rise in crime rates due to so many vacant homes. Although the government has taken both fiscal and monetary action to ...

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Source: Home-Buddies


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