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House committee votes to end FHA Short Refi program

Jobless claims fall by 12,000 filings U.S. Jobless Claims Fall By 12,000 to 215,000 Last Week – The number of individuals filing for initial jobless benefits in the week ending March 24 decreased by 12,000 to a seasonally adjusted 215,000 from the previous week’s total of 227,000, the U.S. Department of Labor said. Analysts expected jobless claims to rise by 3,000 to 230,000 last week.

Shown Here: Passed House amended (03/10/2011) FHA Refinance Program Termination Act – Rescinds and permanently cancels all unexpended funding remaining available and allocated for the Federal Housing Administration (FHA) Refinancing Program of the Making Home Affordable initiative of the Secretary of the Treasury (under which borrowers owing more on their mortgage than the value of their home.

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Just Wednesday, FHA commissioner david stevens said 23 lenders have signed up to participate in the Short refi program. house committee votes to end FHA Short Refi program Sign In

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HUD estimated that 500,000 to 1.5 million borrowers could be eligible for the program. Even so, it faces challenges in Congress. In early March 2011 the House of Representatives voted to end it.’s Take on the FHA Short Refinance Program. Under the FHA Short Refinance program, a lender reduces the principal balance on the mortgage.

House Republican leaders initially offered a six-week increase in the federal debt ceiling in exchange for negotiations with President Obama on longer-term “pressing problems,” but they stopped short.

Congressman Gregory W. Meeks Lauds Financial Services. – (WASHINGTON, DC)-Congressman Gregory W. Meeks (NY-6) lauded the House Financial Services Committee hearing on the economic, mortgage and housing rescue plan announced by the Committee’s Democratic Majority last week.

AEI labels Johnson-Crapo the ObamaCare of GSE reform’ Key Aspects of the Johnson-Crapo Housing Finance/GSE Reform Bill On March 16, Senate Banking Committee Chairman Tim Johnson, D-S.D., and Ranking Member Mike Crapo, R-Idaho, released the 442-page discussion draft of their housing finance reform bill, on which they announced their agreement on March 11.

Committee Approves FHA Housing And Homeowner Retention Act. – The House Financial Services Committee has approved H.R.5830, the Federal Housing Administration (FHA) Housing and Homeowner Retention Act, by a bipartisan vote of 46 to 21. The legislation, authored by Committee Chairman Barney Frank, will expand the FHA program to help refinance at-risk borrowers into viable mortgages.

MBA: Lenders need to cooperate with Congress Congress may now finally be gearing up to reform government-sponsored enterprises fannie Mae and Freddie Mac. Senate Banking Committee Chairman Mike Crapo (R-ID) released an outline Friday for.

House Republicans Vote to Eliminate Two Mortgage relief programs. republicans say the program is ineffective and largely unused and passed the FHA Refinance Program Termination Act on Thursday.