Bulletin: FHA Reform Passes Senate, 72-13
July 26th, 2008
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Our sister site, FHALoansPros.com report that by a vote of 72-13 the Senate on Saturday wrapped up H.R. 3221: The Foreclosure Prevention Act of 2008.
Next, the bill — which includes important provisions for FHA reverse mortgage borrowers – moves to President Bush for a signature or veto. The White House says it will now sign the bill, a measure which it had threatened to veto.
A veto, however, would be pointless. Senate support included 43 Democrats, 27 Republicans and two independents. All 13 opposed were Republicans and 15 senators did not vote. In other words, a veto-proof majority.
In the House, passage was by a vote of 272-152. This means 63 percent of the House members approved of the measure — not enough to overcome a veto.
However, the politics of this matter are changing daily and the House vote was before release of the RealtyTrac.com foreclosure results for the second quarter of 2008. Realty Trac found that foreclosure filings “were reported on 739,714 U.S. properties during the second quarter, a nearly 14 percent increase from the previous quarter and a 121 percent increase from the second quarter of 2007. The report also shows that one in every 171 U.S. households received a foreclosure filing during the quarter.”
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