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Update on Federal Housing legislation

Housing Bill Stalls in Senate

Floor consideration of NAR-backed housing stimulus legislation that would permanently raise conforming and FHA loan limits to $625,500, create a homeownership tax credit, and expand FHA to help borrowers replace troubled subprime loans was delayed while senators resolve issues over energy tax credits and chamber procedures. The legislation has bipartisan support but isn™t expected to be taken up until after the July 4 holiday, reducing the chance of a final bill getting to President Bush before the end of the month. The bill also includes reforms to FHA and the oversight of Fannie Mae and Freddie Mac. The House passed its version of the bill earlier this year, and lawmakers are discussing ways to resolve differences between the two bills even as the procedural issues are addressed.

Mary E. Martinek

Government Affairs Director and Chief Lobbyist

REALTORS ® Association of New Mexico

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