HOUSE BILL HELPS EXPAND HOMEOWNERSHIP FOR ALL AMERICANS

A bill I cosponsored that would seek to expand homeownership for all Americans was recently passed by the House.  HR 5121, the Expanding American Homeownership Act of 2006, passed the House by an overwhelming 415-7 vote.  The bill helps the Federal Housing Authority (FHA) to become more efficient and will allow it to decrease its premiums for individual borrowers.

Since 1934, the FHA has helped 33 million American individuals and families own a home through homebuyer education, credit help, and loan assistance.  This bill will modernize the FHA, and improve competition in the home loan mortgage industry.  Additionally, changes in this bill will decrease premiums for many traditional borrowers, and will allow the FHA to reach potential homebuyers who currently do not qualify for home loans.

Homeownership today is a dream to many Americans.  Hopefully this bill will help make this dream a reality.  I applaud my colleagues in the House for passing this crucial piece of legislation, and urge my colleagues in the Senate to now do the same. 

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