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Senate Passes FHA Reform Bill

Law360 (December 17, 2007, 12:00 AM EST) -- The U.S. Senate passed legislation Friday that would update the Federal Housing Administration’s mortgage insurance program, taking the first step toward helping consumers affected by the subprime mortgage crisis.

The bill, which was approved by a vote of 93-1, was widely supported by industry trade associations, consumer groups and even the White House. Still, many argue there is still more work to be done to prevent foreclosures and settle the mortgage market’s upheaval.

The FHA Modernization Act of 2007 will expand the federal agency’s capacity to...
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