FHA Reform Bill Passes Senate 93-1, One Amendment Passes, But It's Not Dr. No's Amendment.

After months of delay, a version of the the FHA Reform Bill passed the Senate on Friday with only ONE "no" vote, from Republican Senator Kyl of Arizona .

Senator Coburn, the Republican Senator from Oaklahoma who was responsible for a month long hold of the bill, proposed an amendment requiring a study of the reverse equity loan program before lifting loan volume caps on that program. That amendment was defeated after Senator Coburn [aka "Dr. No"] advised other Senators that he was NOT requiring a recorded vote (which would have captured the scale of defeat on his amendment).

However, an amendment from Senator/Democratic Presidential candidate Chris Dodd, suspending for 12 months the use of risk based FHA premiums, DID pass.

The Senate passed version , S. 2338, now has to be conferenced with the House passed version , H.R. 1852, with both chambers then required to pass a conferenced bill before it can be sent to the President for his signature.

The Senate Congressional Record of the consideration of the bill, and the text of the bill itself, can be found HERE.