Status of the FHA Modernization Bill

One of the most common questions I receive from readers of this blog is regarding the status of the FHA Modernization Bill. Both chambers have passed differing versions of the same bill and the outstanding issues need to be resolved before it can be sent to the President for his signature. The President has promised to sign it and in fact has been urging Congress to send him a bill to sign!

Many ask me if I know when the bill will be forwarded to the President. I just wish I had that kind of access and connections, so in simple terms, I don’t know when this will happen. However, I just read some good news. CNN is reporting that the bills have been resolved and the a joint bill will be sent to the President this April:

NEW YORK ( — By early April, both chambers of Congress are likely to tie the bow on a bill that would expand the reach of the Federal Housing Administration, which aims to provide safe loan alternatives to subprime mortgages and make homeownership more accessible.

Different versions of the FHA modernization bill passed in the House and the Senate last year, and both Senate Banking Committee Chairman Christopher Dodd, D-Conn., and House Financial Services Chairman Barney Frank, D-Mass., said last week that the differences between the chambers could be resolved in short order.

I promise to have an update on this as soon I find out!

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