U.S. Congress - H.R.5857 Homeownership Protection and Housing Market Stabilization Act of 2008
H.R.5857 - Homeownership Protection and Housing Market Stabilization Act of 2008
To establish licensing and registration requirements for residential mortgage originators, improve mortgage disclosures, create an Office of Housing Counseling, to provide incentives to facilitate loan modifications, reform the regulation of the Government Sponsored Enterprises, modernize the Federal Housing Administration, improve home ownership for veterans, reform appraisal activities, and combat mortgage fraud, and for other purposes. view all titles (5)
All Bill Titles
- Official: To establish licensing and registration requirements for residential mortgage originators, improve mortgage disclosures, create an Office of Housing Counseling, to provide incentives to facilitate loan modifications, reform the regulation of the Government Sponsored Enterprises, modernize the Federal Housing Administration, improve home ownership for veterans, reform appraisal activities, and combat mortgage fraud, and for other purposes. as introduced.
- Short: Homeownership Protection and Housing Market Stabilization Act of 2008 as introduced.
- Short: Expand and Preserve Home Ownership Through Counseling Act as introduced.
- Short: Expanding American Homeownership Act of 2008 as introduced.
- Short: Federal Housing Finance Reform Act of 2008 as introduced.
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According to the article I’ve read, 2008 was the worst year in home building in the lifetimes of anyone still in the game, and yet while some Americans are filing for a payday loan, the Federal Housing Authority is in desperate need of more employees. The FHA says it doesn’t have enough resources to properly screen lenders. Obviously, if the FHA can’t tell shady lenders from legitimate ones, we are headed toward another round of predatory lenders and home foreclosures as a result. Maybe if the FHA hires me I won’t need a payday loan to make all my bills on time. I think the Obama administration should definitely put some of the bailout money that is still left toward straightening this mess out. Not only will it stimulate the economy by giving jobs to some of the unemployed Americans out there, it’ll make sure we don’t just repeat the same cycle over again. After all the work that has gone into bailing out mortgage lenders, it would be a real shame to see another wave of predatory lending put us right back where we started. To read more about the FHA, visit your payday loan source.