FHA Reform Gains Speed as House Approves FHA Risk-Based Pricing and Other Changes
July 27, 2006
Congress is moving closer to giving the Department of Housing and Urban Development authority to modernize the FHA mortgage insurance program as the House this week approved a reform bill that provides for risk-based pricing, a zero downpayment option and higher loan limits. The House authorization bill now awaits action by the Senate, which has yet to consider its companion legislation, S. 3535. However, a spokesman for the Mortgage Bankers Association noted that a more…