This past Friday (Dec. 14th) saw a huge victory for consumers with the U.S. Senate overwhelmingly passing the FHA Modernization Act (S. 2338) by a vote of 93 to 1, which basically reforms the FHA.
This is also a HUGE victory for REALTORS who have lobbied Congress aggressively all year to pass FHA reform. Many desperate homeowners now have a little relief heading their way through alternative refinancing options. And in this market, options are a GOOD THING!
However, the hurdle hasn't been completely jumped yet...there are still a number of details to be worked out between the Senate FHA reform bill and the House passed version. A conference committee is set to resolve those differences. But both sides agree it will be done. The huge bi-partisan support is at least one thing Congress can agree on...the President has indicated he will sign it.
With the above average value of homes in San Diego County, an increase in the FHA loan amount is welcome relief.
There is still yet-to-be-introduced legislation in the Senate to reform Government Sponsored Entities (GSEs) Fannie Mae, and Freddie Mac...one step at a time I guess?
The wheels of reform may be turning slow, but at least they ARE turning!
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