| Topic: | Urgent Action Needed To Save Down Payment Assistance!!! | TP-560 | ||
| Keyword: | Lending - 3rd Quarter 2008 | |||
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It appears that FHA is going to take a big hit too. Read the following, it was emailed to me today from Apollo Grants:
Urgent Action Needed To Save Down Payment Assistance!!! It now appears that the House will accept the Senate language in Section 113 of the new “Housing Rescue” bill banning down payment assistance programs. In an article in today’s Washington Post, Chairman Barney Frank of the House Financial Services Committee is quoted as saying that the House will yield to the Senate on the termination of seller participation in down payment assistance programs. The Senate and House of Representatives are fast-tracking this bill. Upon the President's signature, down payment assistance will be shut down in the United States. Failure to act now will ensure the immediate death of down payment assistance. In order for down payment assistance to continue, you must let your opinion be heard TODAY. A link to your representatives contact information may be found at [URL=http://www.sgadpa.com/hudrule.html]www.sgadpa.com/hudrule.html[/URL] A vote to ban down payment assistance may come as early as tomorrow or Thursday. We need you to do everything possible to make your support for DPA heard. If you want a voice in the fate of DPA, NOW is the time. Your comments WILL make a difference!!! Please call them AND fax representatives and let them know (1) how important seller-assisted DPA is to you and the people you serve, (2) that it is the last bastion of minority homeownership (minority homeownership is important to several members of the House committee), (3) let them know how important seller-assisted DPA is to the housing market and the economy as a whole (this is a stimulus to the housing market that costs taxpayers NOTHING) and (4) the statistical analysis HUD has done to convince the Senate to ban DPA is critically flawed and the House and Senate should not rush to judgment on such an important issue (Please see the comment letter at [URL=http://www.sgadpa.com/hudrule.html]www.sgadpa.com/hudrule.html[/URL] ) The consequences will be devastating! By FHA's own estimates, DPA comprises nearly 40% of FHA's volume. This means more than 300, 000-500, 000 working class families will be locked out of homeownership in the next year alone. Communities across America will take the brunt of the $50 billion in lost real estate sales, not to mention the indirect impact on the real estate, mortgage and building sectors that will be forced to shed tens of thousands of jobs due to this dangerous legislation. Please have others in your office and as many of your realtors, buyers, sellers (ANYONE) as possible contact their representatives in Washington TODAY. Please make sure your address is on the fax to identify your constituency. We will provide commentary at [URL=http://www.sgadpa.com/hudrule.html]www.sgadpa.com/hudrule.html[/URL] for your benefit in preparing your comments, but please use your own words. The website has other documents to help you with your comments, data showing the impact of DPA in your state and letters supporting down payment assistance Have any of you heard anything more about this? Bill Draving Forum Moderator bill@draving.com |
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