Housing Bills Pass House, Fate with Senate and President Uncertain.

Two major housing bills passed the House yesterday, but their ultimate chance of passage into law remains uncertain.

H.R 3321 , which provides a $300 Million FHA refinancing loan program along with tax credits and other key housing provisions, including reforms of Fannie Mae and Freddie Mac, now will need to be conferenced with the Senate. Total costs for this bill have been estimated by the Congressional Budget Office at $2.7 Billion. Chairman Frank puts the possible cost per foreclosure prevented at $4,800, for the estimated 500,000 units saved from foreclosure--a total cost of $2.4 Billion. (The remaining $300 Million in costs are for a Republican amendment on fraud prevention activities).

The Senate earlier passed its own version of H.R. 3221 A House Financial Services Committee summary of the House passed bill is HERE. A Thomas link to PDF version of this legislation as passed by the House is HERE--caution, it's more than 600 pages long!. Go HERE to view a HTML version of the House passed legislation that will allow you to scroll to specific sections.

H.R. 5818, a $15 Billion foreclosure grant and loan program to cities and states will require separate Senate legislation. A House Financial Services Committee summary of the bill is HERE. A Thomas link to PDF version of this legislation as passed by House is HERE. One amendment included in this bill provides "priority" for funding of housing to "veterans, members of the Armed Forces on active duty, members of the National Guard or Armed Forces reserves, school teachers, and emergency responders."

A news story from The Hill about the passage of these bills, including Republican support, is HERE.

Audio, Video, and Transcript of PBS News Hour Discussion
A very good debate on the merits of these housing bills was on the PBS Evening News Hour program last night. Audio, video and a transcript are available HERE.