Number: RL33879
Title: Housing Issues in the 110th Congress
Authors: Maggie McCarty, Libby Perl, Katie Jones, and Bruce Foote, Domestic Social Policy Div.; Eugene Boyd, Darryl Getter, Edward V. Murphy, and N. Eric Weiss, Government and Finance Div.; David Carpenter, American Law Div 
Abstract: A number of housing-related issues have been prominent in the 110th Congress. Possibly the most visible issue is the prevalence of subprime loans and growing mortgage default and foreclosure rates. On July 30, 2008, the President signed the Housing and Economic Recovery Act of 2008 (P.L. 110-289) into law. In order to assist troubled borrowers, P.L. 110-289 gives the Federal Housing Administration (FHA) the authority to insure an additional $300 billion in mortgage loans; the new authority will be available to help borrowers at risk of foreclosure refinance into more manageable loans. This program is called HOPE for Homeowners. The new law also appropriates $4 billion to the Community Development Block Grant (CDBG) program to be allocated to states and localities for the purchase, rehabilitation, resale, or rental of foreclosed properties.
Pages: 58
Date: November 4, 2008