FHA Reverse Mortgage Modernization - DELAYED AGAIN

CONGRESS FAILS, AGAIN! FHA REVERSE MORTGAGE BILL STALLED

SHOULD YOU BE CALLING YOUR SENATORS???

STILL WAITING ON CONGRESS: FHA Reverse Mortgage Modernization Bill Still Pending on Floor of Senate

As an advocate of Reverse Mortgages it is dismaying to me to see the damage the delay of the passing of the FHA Reverse Mortgage Modernization Bill is causing to senior citizens.

Part of the history of this bill is that it started around April 2007 and after much ado was finally passed separately by the House and the Senate in December of 2007. Then it went to Comittee for reconciliation and back to each house for approval sometime in February.

Then to the detriment of the RM Modernization Bill, it was made part of the FHA Foreclosure Rescue Bill, which is as highly controversial, as the Reverse Morgage Bill was widely accepted.

Today (7-8-2008) the FHA Foreclosure Rescue Bill was on the floor in the Senate; but there are some hindrances in the form of add-ons, or earmarks. One add-on is a proposal by John Ensign (R-NV) to attack an 8 Billion Dollar package for renewable energy tax breaks.

WHY IS AN ENERGY TAX BREAK ALLOWED ON THIS BILL?

There is still some dim hope it may be passed by the end of the week with enough votes to override any Presidential veto.

If this is a bill you have been waiting for, you may want to call you Senators to get this Reverse Mortgage bill passed...a lot of seniors will be aided in these economically challenging times.

Gloria