On Monday Chair Chris Dodd of Senate Banking Committee announced agreement on FHA/ GSE reform bill prior to markup session scheduled for this morning.
The principal changes from House bill appears to be GSE payment of costs for new FHA refinancing program from GSE housing trust fund proceeds and a reduction in program cost to $500 million vs. $1.7 billion in House bill; see Congress Daily news story HERE. Claim is that 500,000 families will avoid foreclosure, identical to House bill.
House Financial Services Chair Barney Frank indicates in Reuters news story HERE that there will be a fight over the use of housing trust fund proceeds for this purpose.
Managers amendment HERE includes the text of changes from earlier Senate version of the bill.
I expect once bill passes Senate Banking Committee more details will emerge. Even without amendments, I note for example that Title VI of the managers markup includes a nationwide Mortgage Licensing Act provision that I don't recall seeing in other versions of the bill.
When full Senate would vote on a Senate version of the bill and when conference with House would occur are unknown at this time.
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