FHA Hope for Homeowners Package Adding Cramdown Bill
March 18th, 2009
The House of Representatives passed a bill containing the long awaited rehabilitation to the FHA Hope for Homeowners loan program late last week and the Senate will likely deliberate early shortly. The mortgage relief measure are attached to H.R. 1106, a controversial home financing bill that would grant bankruptcy judges the authority to cram down borrowers’ mortgage loan balances when they file for a Chapter 13 bankruptcy.
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This would not be good for America. I really hope this mortgage reform doesn’t pass. Second mortgage lenders havereally suffered as 2nd mortgage foreclosures have soared on home equity loan defaults. Please keep us posted on home financing activity in Washington.