AustinRealEstate's Blog

Right now it may seem that all politicians are doing is campaigning, either for Hilary, for Obama or against them both. After all, the only items you see on the news deal with November’s election and who will and will not be on the ballot. But surprisingly enough, Congress has been doing more than offering (and denying) support. They’ve been trying to help the real estate market and the homeowner, too.             

On May 20, the Senate Banking Committee passed a bill that would limit foreclosures and make housing more affordable, by a vote of 19-2. The move is a response to the building pressure on Washington to do something about the increase in foreclosures and an act that took weeks of debate before it could occur. It would, if it continues to get passed through Congress, ensure $300 million annually for at risk borrowers. It would, along with an FHA program proposed by Christopher Dodd, D-Conn., help stabilize the economy.

Dodd’s plan would create more rights and restrictions for borrowers, while also creating limitations for Fannie Mae and Freddie Mac. Dodd’s plan would be put into action on October 1 of this year and last until 2011. It is similar, although not as long lasting, as an act proposed by Representative Barney Frank, D-Mass.

Dodd is hopeful that his act will be passed in time to be presented to President Bush before the July 4 holidays. What will happen then is questionable, as Bush said he would veto Frank’s bill. The differences in the two, however, are allowing Dodd and his supporters to believe the best.

Joe

Apache Shores Real Estate | Homes in Austin and Surrounding Areas: Austin TX Home Listings