FHA Book

Hurry It Up, Already

According to the Mortgage Meltdown section on CNN Money, comprehensive FHA reform should be here by early April. The article makes this sound like a “Hooray!” situation, but I see it more as a “It’s about damn time” situation. The sub-prime crisis has been in full swing for quite some time now and lawmakers had plenty of time before they knew things would get even worse - which they did back in the fall. One of the problems…

Different versions of the FHA modernization bill passed in the House and the Senate last year, and both Senate Banking Committee Chairman Christopher Dodd, D-Conn., and House Financial Services Chairman Barney Frank, D-Mass., said last week that the differences between the chambers could be resolved in short order.

The differences in the bills - which probably could have been prevented - have REALLY slowed things down. If someone could provide me with Congress’s definition of “short order” I would love to hear it.