| A few weeks from now, we may see a decline in the | | | | Act" (TILA), where lenders are required to disclose |
| number of foreclosed homes in our neighborhoods, | | | | information like changes in payments based on rate |
| along with that, a decrease of people living in shelters, | | | | adjustments to borrowers. This is to shield |
| cars, and streets. | | | | homebuyers from fraudulent brokers and |
| The Senate just recently cleared the Foreclosure | | | | lendersoProtection for servicemen against home |
| Prevention Act of 2008. This is the much-awaited | | | | foreclosureoMore than $10 billion to fund loans for |
| answer to the country's worsening housing crisis. It will, | | | | first-time homebuyers and construction of inexpensive |
| for two things, modernize the Federal Housing | | | | rental housingoAn additional $150 million for foreclosure |
| Administration and create a new regulator for Fannie | | | | prevention counselingoCreation of a temporary FHA |
| Mae and Freddie Mac. The act will also redevelop | | | | program that will allow homeowners to refinance their |
| abandoned and foreclosed homes in neighborhoods hit | | | | mortgages when they become at risk of |
| by foreclosures through funds given to state and local | | | | foreclosureoIncrease in FHA loan limits to 110% of the |
| governments that will amount to up to $4 billion. | | | | local median home price |
| The bill also includes other housing assistance | | | | Homeowners will no longer have to be afraid of |
| measures like:oLessened down payment requirement | | | | foreclosure. As soon as this bill is approved and signed |
| at 3.5 %oUp to $8,000 refundable tax credit for | | | | by the president, we won't have to worry too much |
| first-time homebuyersoA fortified "Truth in Lending | | | | about losing our homes. |