House committee votes to end FHA Short Refi program

Congress to consider changes to controversial CFPB complaint database But that didn’t stop the CFPB from accepting the complaints. And as it turns out, the complaint database proved helpful in levying the fine against Wells Fargo, as James Clark, the chief deputy of the Office of the los angeles city attorney, testified that his office used the CFPB’s complaint database in its investigation into Wells Fargo.

The FHA Short Refinance Program has always existed in an unofficial form but became a formal program on December 16, 2009 with Mortgagee Letter 09-52.. It was "refined" on August 6 th of 2010 with Mortgagee Letter 2010-23.. It was designed to provide more mortgage options to those that owe more than their house is worth.

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Yesterday, the House of Representatives voted to kill off the FHA Short Refi program, 256-171. This follows on the heels of votes to end the Home Affordable Modification Program (HAMP) as well as the Neighborhood Stabilization Program (NSP). The votes fell mainly on party lines, and are not expected to pass the Senate (where democrats are the majority).

To rescind the unobligated funding for the FHA Refinance Program and to terminate the program. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. Short title. This Act may be cited as the "FHA Refinance Program Termination Act.

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Under the rubric Committee Votes To End Failed And Ineffective Foreclosure Programs, the Committee issued a Press Release late in the day on Thursday, March 3, 2011, about the termination bills. The Committee believes that the elimination of these two programs — the FHA Refinance Program and the Emergency Mortgage Relief Program — provides $9 billion in savings.

The House Financial Services Committee has agreed to end the FHA’s short refinance program for homeowners facing foreclosure. The vote was 33 in favor and 22 against the proposal. To become law the bill must also be passed by the House, the Senate and then signed by the President.

The House Votes on the Equality Act The Federal Housing Authority’s FHASecure program offers refinancing. support in the House and sailed through the Senate Banking Committee, has yet to pass through the full Senate. The bill may not.

Republican Party calls for significant changes to housing in 2016 House committee votes to end FHA Short refi program 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.

30-year, fixed-rate mortgage finishes year near record lows  · Your 30-Year Mortgage Rate Should Be Lower Than It Is Now. “Mortgage rates right now should be at least 3.25%, if not lower,” said Guy Cecala, publisher of trade publication Inside Mortgage Finance to the Journal while referencing the 30-year fixed-rate mortgage. That comes below even the lowest rate ever recorded- 3.31% for.

Legislation introduced last week by House Financial Services Committee Chairman Barney Frank (D-MA) would direct the Federal Reserve Board to conduct a study of the need for an auction or bulk.

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