House Passes Sweeping Legislation to Rescue Delaware Homeowners
May 12th, 2008 by John Thomas
The U.S. House of Representatives was very busy Thursday, passing The American Housing Rescue and Foreclosure Prevention Act (H.R. 3221) by a vote of 266 to 154, and The Neighborhood Stabilization Act (H.R. 5818) by a vote of 239-188. This sweeping legislation is Congress’ most comprehensive attempt yet to address foreclosures in the housing market. The bill includes versions of H.R. 5830, H.R. 1852, H.R. 1427, H.R. 5579, and amendments to Preserving the American Dream for Our Nation’s Veterans. The plan is projected to help roughly 500,000 borrowers at a cost of $2.7 billion over five years.
It’s important to note that these measures were not voted into law and still await Senate action. If passed by the Senate, it would still need the approval of the President who has reportedly threatened to veto both bills.
To learn more about this legislation, here is a summary from the House Committee on Financial Services.
If you have questions on this legislation or would like to inquiry about a home loan please feel free to call me (John R. Thomas) at 302-368-7132 or send me an e-mail to DelawareMortgages@yahoo.com
I am a Delaware native who has been actively involved in the Mortgage and Finanace industries for over 10 years
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