Ros-Lehtinen Acts To Confront Home Mortgage Problems
By Voting For The "Expanding American Homeownership Act"
Washington, D.C. - Congresswoman Ileana Ros-Lehtinen, senior member of the Florida Congressional Delegation, was pleased to have voted for a bill that seeks to help America's working families keep their homes and confront the mortgage problems currently affecting many of them. The final vote for the "Expanding American Homeownership Act" was 248 to 72.
H.R. 1852 requires mandatory counseling for homebuyers, down payment simplifications, and conforming loan limits in disaster areas. The bill will also authorize the Federal Housing Administration (FHA) to use risk based pricing for the mortgage guarantees it offers, will raise the FHA maximum loan limits for single family homes and will extend the maximum length for an FHA loan term from 35 to 40 years
Said Ros-Lehtinen, "This legislation is our first step to begin addressing America's growing problems in the mortgage sector. No family should ever have to see a "foreclosure" sign on their home and this legislation seeks to accomplish just that by educating home buyers and providing the financial tools necessary to make sure they can truly live the American Dream. I urge my colleagues in the Senate to take up this legislation and help confront our mortgage woes."