The U.S. House of Representatives was very busy Thursday, passing The American Housing Rescue and Foreclosure Prevention Act (H.R. 3221) by a vote of 266 to 154, and The Neighborhood Stabilization Act (H.R. 5818) by a vote of 239-188. This sweeping legislation is Congress’ most comprehensive attempt yet to address foreclosures in the housing market. The bill includes versions of H.R. 5830, H.R. 1852, H.R. 1427, H.R. 5579, and amendments to Preserving the American Dream for Our Nation’s Veterans. The plan is projected to help roughly 500,000 borrowers at a cost of $2.7 billion over five years.

It’s important to note that these measures were not voted into law and still await Senate action. If passed by the Senate, it would still need the approval of the President who has reportedly threatened to veto both bills.

To learn more about this legislation, here is a summary from the House Committee on Financial Services.

If you have questions on this legislation or would like to inquire about a home loan please feel free to call me (John R. Thomas) at 302-368-7132 or you can APPLY ONLINE HERE.

John R. Thomas – NMLS 38783

Certified Mortgage Planner – Primary Residential Mortgage, Inc.

302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office

248 E Chestnut Hill Rd, Newark, DE 19713