Final stimulus bill as passed by both House and Senate and sent to President is HERE as PDF.
The temporary increases in FHA and Fannie and Freddie Mortgage Limits are included; the mortgage revenue bond use for refinancing (in the Senate bill) did NOT make it into the final bill.
Joint Taxation Committee estimated costs for the final bill can be found as PDF HERE.
Editorial Comment: As president had expressed support for mortgage revenue bond provisions as recently as State of the Union address, difficult to understand why they didn't make it into final bill. My doubting Thomas view is that it may have something to do with the fact that Senator Clinton was the first national figure to push this idea, starting last October. Administration/Republicans likely did not want to give her that kind of opening to claim credit during this election year.
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Lots of misinformation from HUD on the inclusion of FHA HECM reverse mortgages in the stimulus plan. It appears that seniors waiting for higher loan limits will have to wait for S2338 the FHA Reform Bill.
ReplyDeleteNo stimulus help for FHA HECM reverse mortgages. They were excluded from the higher loan limits. Maybe Senate Bill S2338 will get into committee and be ready for the President around the 15th of February.
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