Despite a veto threat from the White House, a Democrat-backed comprehensive legislative package designed to respond to the current mortgage crisis as well as modernize the Federal Housing Administration (FHA) and reform oversight of the government-sponsored enterprises (GSEs) cleared the House of Representatives by a wide margin on May 8. For its part, the Mortgage Bankers Association (MBA) lauded passage of the omnibus bill. MBA chairman Kieran Quinn, noted that the bill contains key elements that MBA supports-including long-sought-after FHA modernization, GSE reform and assistance for troubled homeowners. Among other things, Homeownership Retention Act (H.R. 5830) includes $300 billion in new lending authority for FHA and provides $230 million for housing counseling.
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