H.R.1852 - Expanding American Homeownership Act of 2007 Sponsor: Maxine Waters / 110th Congress

Title
110th Congress - To modernize and update the National Housing Act and enable the Federal Housing Administration to use risk-based pricing to more effectively reach underserved borrowers, and for other purposes. hidemore...
Summary
This bill modernizes the rules of the Federal Housing Administration such that it provides risk-based pricing for low-to-moderate income families and other benefits to increase the number of loans taken from the Federal Housing Administration. (by MAPLight.org)
Status
The bill was voted on in the House on September 18, 2007

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Contribution data provided by the Center for Responsive Politics (OpenSecrets.org)

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New bill would address housing crisis by making home ownership more affordable by Megan Luecke, Mar 14, 2008 (10:22pm)

This bill would benefit Americans who own or want to own homes, especially low-income or elderly citizens. First, it would make it easier for people to hold on to their homes by allowing them to take out more affordable fixed-rate loans. Second, it would make it easier for people to to buy homes by increasing how much money they can take out in loans and by removing the mandatory 3% down payment. Third, it would benefit the elderly by insuring more reverse mortgages, which would allow the elderly to use money from their home’s equity and repay it when they move out of their home. Fourth, it would make it easier for low-income people to own homes by making loans easier to take out, by improving mortgage insurance and housing counseling, and by extending the maximum loan term on a mortgage from 35 to 40 years. Because of the current housing crisis, this bill is vital to increasing home ownership rates and decreasing foreclosure rates.

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