Congress 2007: Make It Easier to Buy a Home - FOXBusiness
The blame-game surrounding the current housing & financial crisis has elevated to new heights in the last few weeks. Daily now we hear Republicans and Senators from both parties express their outrage - outrage! - about the state of affairs. The finger pointing primarily is headed from Washington right up I-95 to Wall Street. Congress is demanding to know what happened.
Maybe Congress should revisit some of its previous proposals before wagging a finger northward. Even as major cracks were appearing in the housing market, there were governmental efforts to loosen credit and lending by permitting no down payment loans and allowing loans to be made that could reflect 100% of the average price of a home sold in a given area.
The following press release was taken from Barney Frank’s Web site after the House passed H.R. 1852: Expanding American Homeownership Act. I have highlighted some of the key takeways.
You can access original release here:
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