Posts Tagged ‘Rep. John Campbell (R-Ca.)’

Pres. Obama Signs FHA Bill to Raise Loan Limits

November 18th, 2011 Comments off

HousingWire reports a bill reinstalling higher conforming loan limits for the Federal Housing Administration (FHA) was singed into law Friday morning, Nov. 18, by President Obama. Both the House and Senate had passed the bill by over a two-thirds majority on Thursday. The FHA can now insure loans up to $729,750, an increase over the previous limit of $625,500. Congress had originally upped the limits in 2008 on FHA as well as Fannie Mae and Freddie Mac, but the ruling expired Oct. 1. The bill does not include Fannie and Freddie, much to the chagrin of Rep. John Campbell (R-CA) who says the GSEs continue to need government support. He said, “Even now, private lenders remain incredibly risk-averse, hesitating to provide long-term, fixed-rate mortgages to the vast majority of the market. Until Congress decides how to move forward with broad reform to fix our broken housing finance system, we should not dismantle the few remaining support systems that are preventing the housing industry from collapsing further.” Carole Galante, FHA Acting Commissioner, reminded Senators that government should be reducing the FHA market share.

(Graphic credit: FHA)

Legislation in the News From the Manufactured Housing Institute (MHI)

May 13th, 2011 Comments off

MHI Week-in-Review reports from the halls of Congress that Rep. John Lewis (D-Ga.) introduced legislation (H.R. 1632) that would re-authorize and improve Assets for Independence (AFI), a federal grant program to help people out of poverty. The bill offers funding to repair substandard homes or replace them as well as pre-1976 HUD code homes.  The bill would allow down payment assistance of up to $10,000.

In other action, legislation introduced by Rep. Gary Peters (D-Mich.) and John Campbell (R-Ca.) (HR-1859) would place Fannie Mae and Freddie Mac in formal receivership, wind down their portfolios within five years; and replace them with several private companies that would issue mortgage-backed securities with explicit federal guarantees.  In addition, manufactured home loans would be considered “conventional mortgages,” as long as personal property can be distinguished from real property.