FHA HOUSING RESCUE BILL - GETS SOME PRESIDENTIAL SUPPORT

At one time there were two bills - one for FHA Housing Rescue aimed at helping people save their homes from foreclosure; and another called the FHA Modernization Bill which dealt exclusively with major positive changes to the Reverse Mortgage program by increasing the loan limit, allowing the reverse mortgage to be used for purchases and including co-ops in the program.


Then the two bills were merged; since then the political troubles hindering the FHA Housing Rescue Bill have delayed the positive changes for the Reverse Mortgage Program. However in the past few weeks Congress has passed this bill despite word from the White House that it would be vetoed. Now, President Bush seems to be softening his stance, and we may soon see some progress and improvement for Senior Citizens whowant or need the improved reverse mortgage.


Gloria



Bush: Housing bill possible
The president says he has confidence that Congress will pass a $300 billion foreclosure-rescue bill if they put politics aside.
Last Updated: July 1, 2008: 6:02 PM EDT
NORTH LITTLE ROCK, Ark. (AP) -- President Bush expressed confidence Tuesday that he will reach a deal with Congress on a housing-rescue plan, but prodded lawmakers to show "less politics."


The president's comments came as many homeowners, saddled with mortgage payments they can no longer afford, are facing foreclosure. The Senate is considering a $300 billion plan to back cheaper loans for people who risk losing their homes, but that measure has stalled for now.
"I think we can get us a bill," Bush said. "But it's going to require less politics and more focus."


He spoke at a credit-counseling agency in Arkansas that helps people saddled with debt.
Senate leaders hope to get back to the bill soon after their weeklong break. The legislation has been snagged over an unrelated dispute about tax breaks and renewable energy.
The bill includes elements Bush supports, including an overhaul of the Federal Housing Administration. But the White House opposes parts of the rescue plan, too.