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FHA Modernization Update 5-9-08 Today, Financial Services Committee Chairman Barney Frank (D-MA) plans to bring “The American Housing Rescue and Foreclosure Act” to the House floor for a vote. This is a “rollup” piece of legislation that includes a number of housing related matters, including FHA Modernization. (Since the publication of this letter – the House has passed this Bill!) FHA Modernization includes the results of our most recent negotiations and discussions behind the scenes. The HECM piece of the legislation was revised to increase the single national loan limit to 135% of the GSE loan limit (or $550,000) and to include our renegotiated joint AARP proposal to restructure HECM origination fees to 2% of the initial $200,000 in maximum claim amount and 1% on the amount thereafter with a cap of $6000. And the language continues to include the HECM for home purchase and the co-op language that was originally proposed. All are very positive developments for the industry. Much more information will follow as we continue to work on this important piece of legislation. Congressman Frank indicated that he hopes to have the entire bill through the legislative process and ready for the President to sign by July 4th. As you know, while we are encouraged by the progress, the timing and final outcomes cannot be predicted with certainty. For that reason, we urge caution around communications on this proposed legislation (refer to Ethical Advisory 2008-01 Ethical Advertising). Here is a link to the most recent press release http://www.house.gov/apps/list/press/financialsvcs_dem/press050608.shtml . And you may be able to see the action live on www.cspan.org .  Marketplace Funding, Inc. - 701 Palomar Airport Rd. Suite 300 - Carlsbad, CA 92011 Office Phone: (760) 931-4737 Fax: (760) 539-8800 Toll Free Phone: (800) 760-5156 Hawaiian Branch Location: 970 N.Kalaheo Ave #A213 Kailua, HI 96734 We are licensed in the following states: CA, FL, HI We are FHA/HUD approved We are VA approved
We are an Equal Housing Lender 
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