From Washington DC: the House is taking up HR 5072, the FHA Reform Act. While it seems that mortgage industry organizations are in favor of the Act, which provides the FHA with resources to manage risk, there are a few amendments that are raising some eyebrows. The first is the Garrett Amendment, which raises the minimum FHA down payment to 5%. The second is the Price Amendment that would limit FHA’s market share to 10% of the housing finance market. Third, the Turner Amendment would reduce FHA’s loan limits, which were “temporarily” increased in 2008. Stay tuned… or call your Congressman ASAP.
-Rob Chrisman
