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Housing Issues in the 110th Congress (CRS Report for Congress)

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Release Date Revised Nov. 4, 2008
Report Number RL33879
Report Type Report
Authors Maggie McCarty, Libby Perl, Katie Jones, and Bruce Foote, Domestic Social Policy Div.; Eugene Boyd, Darryl Getter, Edward V. Murphy, and N. Eric Weiss, Government and Finance Div.; David Carpenter, American Law Div
Source Agency Congressional Research Service
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Summary:

A number of housing-related issues have been prominent in the 110th Congress.Possibly the most visible issue is the prevalence of subprime loans and growingmortgage default and foreclosure rates. On July 30, 2008, the President signed theHousing and Economic Recovery Act of 2008 (P.L. 110-289) into law. In order toassist troubled borrowers, P.L. 110-289 gives the Federal Housing Administration(FHA) the authority to insure an additional $300 billion in mortgage loans; the newauthority will be available to help borrowers at risk of foreclosure refinance intomore manageable loans. This program is called HOPE for Homeowners. The newlaw also appropriates $4 billion to the Community Development Block Grant(CDBG) program to be allocated to states and localities for the purchase,rehabilitation, resale, or rental of foreclosed properties.