Bush Economic/Housing Message: Stay the Course, Supports FHA Reform and HFA Refinancing Loans.

I've read through the President's speech today HERE about the economy and housing.

Best I can tell his message is to "stay the course" on the economy and let the fiscal stimulus kick in. The only legislative proposals he expressed support for were FHA modernization and changes that would allow state housing finance agencies (HFA's) to use tax exempt revenue bond programs to refinance loans (instead of limiting use to first time home buyers).

Both of these proposals have been pending since last fall. A reconciled FHA reform bill is still pending before the Congress while the President did NOT support the inclusion of the revenue bond change as part of the stimulus package as had been proposed in the Senate.