H.R.5830 - FHA Housing Stabilization and Homeownership Retention Act of 2008 Sponsor: Barney Frank / 110th Congress

Title
110th Congress - To create a voluntary FHA program that provides mortgage refinancing assistance to allow families to stay in their homes, protect neighborhoods, and help stabilize the housing market. hidemore...
Summary
This bill seeks to reduce the number of home foreclosures by offering assistance to any at-risk borrower wishing to refinance. The program would also give "short payments" to lenders choosing to participate. (by MAPLight.org)
Status
The bill has passed through committee and has been put on a legislative calendar.

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

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Stabilizing the housing market by Natalie Adona, May 9, 2008 (3:16pm)

This bill seeks to alleviate some of the pressure brought on by the housing crisis by helping at-risk borrowers refinance their loans. The bill would permit the Federal Housing Administration to provide up to $300 billion in refinance assistance. Supporters of the bill applaud the governments effort to stabilize the market, but are concerned that the voluntary nature of the bill does not do enough. Opponents of the bill claim that the program is too costly and that it requires the government to be too involved in citizen’s private affairs.

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