; Senate passes FHA reform bill
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Senate passes FHA reform bill

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On December 14, the Senate, by a bipartisan 93-1 vote, approved the Federal Housing Administration (FHA) Modernization Act of 2007 (S. 2338), which would, among other things, increase FHA single-family loan limits to the conforming loan limit, which is currently at $417,000, as well as lower FHA's down-payment requirement from 3% to 1.5%. David G. Kittle, chairman-elect, Mortgage Bankers Association, lauded the Senate's action and expressed hope FHA reform legislation can reach the president's desk and become law as soon as possible.

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