The Federal Housing Administration is modeling parts of a new law that previously passed the House of Representatives and is apparently awaiting action in the Senate. The FHA reportedly adopted a narrowly focused new policy to last one year. Under the new, temporary and narrowly focused policy, the FHA will waive its established 90-day waiting period for new ownership of a home. This means that the FHA will offer immediate Mortgage Insurance to buyers of homes that have been foreclosed. See Alison Vekshin, "U.S. Lifts Limits on Insurance for Foreclosed Homes (Update 1)" (Bloomberg.com, Friday, June 13, 2008).
The housing bill that passed the House and is awaiting action by the Senate contains many other provisions besides the particular provision affecting the FHA waiting period. Vikas Bajaj, "As Bill Evolves, Default Rate is Snowballing" p. 1, col. 1 (New York Times Nat'l Ed., Sunday, June 29, 2008, published online as "As Housing Bill Evolves, Crisis Grows Deeper"). 83 Senators recorded their support for the entire housing bill, including of course the provisions that would affect the FHA. It is apparently one of the few bills on which the Senate successfully voted to end a filibuster apparently only by Republican Senators.
After that, however, one Senator, also a Republican, insisted that an amendment be added to the housing bill that would extend credits for renewable energy. The amendment, still pending at the time of this post, is co-sponsored by a Democrat. However, she is not reportedly insisting on halting the housing bill. The House previously rejected the same amendment several times as it passed the housing bill and sent it to the Senate. In the face of amendment insistence from the one Senator, the Senate adjourned for its Fourth of July recess without taking up the housing bill. Lori Montgomery & Jeffrey H. Birnbaum, "Political Maneuvers Delay Bill After Bill in Senate" (Washington Post Online, Saturday, June 28, 2008).
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