OFFICE OF THE MAJORITY LEADER

Housing Clearinghouse

Final Housing Legislation: The American Housing Rescue and Foreclosure Prevention Act of 2008 (H.R. 3221)

Overview of Housing Bill: Congress Acts as Mortgage Crisis is Straining American Economy 

Fact Sheet on Housing Bill 

Questions & Answers on Housing Bill 

CBO Score 

Resources for Constituents

Foreclosure Manual 

Previous Legislation Passed by the House

• American Housing Rescue & Foreclosure Prevention Act: this bill will amend the Senate-passed H.R. 3221 (As amended by the Senate). Amendments will include:

  • FHA Housing Stabilization and Homeownership Retention Act (H.R. 5830) to help struggling homeowners facing foreclosure by allowing them to refinance into affordable government-backed mortgages;
  • Housing Tax Assistance Tax Act  (H.R. 5720) to boost homeowner resources with tax provisions that offer credits for first-time homebuyers, improve access to low-income housing and allow families to deduct property taxes, and;
  • House-Passed FHA Modernization and GSE Reform (H.R. 1852 and H.R. 1427)
    
    

• Neighborhood Stabilization Act (H.R. 5818): this bill will prevent neighborhood decline with targeted assistance to states and local government to purchase foreclosed property.

• Expanding American Homeownership Act of 2007 (H.R.1852) to expand access to low-cost affordable mortgages through the Federal Housing Administration. This bill is included in this week’s comprehensive housing package;

• Federal Housing Finance Reform Act (H.R. 1427) to strengthen regulations of housing-related Government Sponsored Enterprises Fannie Mae and Freddie Mac to increase mortgage market liquidity. This bill is included in this week’s comprehensive housing package;

• Mortgage Reform and Anti-Predatory Lending Act (H.R. 3915) to crack-down on predatory lending practices and enhance consumer protections, and;

• National Affordable Housing Trust Fund Act (H.R. 2895) to provide more affordable housing to for low-income families and those who have lost their homes in the current crisis.

Previously Passed Housing Legislation Summary and Fact Sheets

Financial Services: Summary American Housing Rescue and Foreclosure Prevention Act 

Financial Services: Summary of Neighborhood Stabilization Act 

Speaker: A New Direction for Housing & The Economy (overview) 

Speaker: Neighborhood Stabilization Act fact sheet 

Majority Leader: What's Good for Homeowners is Good for the Economy 

Speaker: Stabilizing Housing Is Key to America’s Economic Recovery 

Questions and Answers: Comprehensive Housing Crisis Legislation 

Experts Agree: Comprehensive Housing Crisis Legislation Is Needed for American Economy Recovery 

Speaker: Responding to the Subprime Mortgage Crisis 

Chart: Number of Houses Entering Foreclosure Increased Under Bush Administration 

Statements from Democratic Leadership and Committee Chairmen

Statement of Chairman Barney Frank on Housing Legislation 

Statement of Chairman Barney Frank on Inaccurate Descriptions of House and Senate Housing Bills 

Frank Statement on Floor Consideration of the Neighborhood Stabilization Act 

Frank: Financial Services Committee Approves FHA Housing and Homeowner Retention Act Legislation Now Moves for Consideration by the Full House 

Rangel: Ways and Means Passes Bipartisan Housing Tax Relief 

News Stories and Op-eds

Wash Post: Rescue Plan Leads Housing Package, 5/2/08 

AP: More Republicans back Democrats' housing rescue, 4/29/08 

Column: Housing Sense in Congress? 4/21/08 

Frank Op-ed: The Case for a Housing Rescue, 3/9/08 

Enacted Housing Measures

• Mortgage Forgiveness Debt Relief Prevent (H.R 3648) to protect homeowners from having to pay taxes on cancelled mortgage debt;
• Expanded affordable mortgage loan opportunities through the Federal Housing Administration with a one-year increase in loan limits for single family homes up to $729,750 (2008 Economic Stimulus), and;
• Increased financial counseling resources for homeowners at risk of foreclosure (FY 2008 Omnibus Appropriations Bill).