Action Alert: Join the Online Protest at GasPriceProtest.com

The average price of a gallon of gasoline is $3.95 this week, a
record high. It has nearly doubled in the past 18 months. Would
you be shocked to know that Washington, D.C. politicians are

behind much of the price spike?

We are all feeling more pain at the pump these days. Now it
is time to take action.

Bad policy from Congress is a major reason gasoline is going
through the roof. Led by Speaker Nancy Pelosi, Congress
continues to block development most of America's significant
reserves of oil and gas, instead vilifying "Big Oil" and scheming
up new tax increases.

By hamstringing American oil producers, Congress perversely
makes the world more profitable for Venezuela, Iran, and the
rest of OPEC. Already, a staggering 80 percent of the world's
oil supplies are now controlled by foreign governments and
government-owned firms. In fact, Exxon-Mobil, the largest
U.S. oil company, controls fewer oil reserves than the 14
largest government owned oil producers. Predictably, these
state-owned operations are increasingly inefficient and
backwards, resulting in declining productivity. But every
Congressional restriction makes America more dependent
on these sources of energy.

Congress also restricts refinery growth in the U.S., creating
another bottleneck in the supply chain. America hasn't
constructed a new refinery in over 30 years, thanks in part

to this red tape.

The question now is whether Congress responds by passing
more counterproductive ideas like "windfall profit taxes" on
American oil producers, or whether it will address the
fundamental supply and demand issues propelling much of
the price increase.

Like Ronald Reagan said during the 1980 energy crisis,
"America must get to work producing more energy. [Our]
program for solving economic problems is based on growth
and productivity…"

On that platform, Ronald Reagan was elected president,
whipped the energy crisis, and ended the oil shocks and
shortages that plagued America in the 1970s. Twenty-eight
years later, it's time to revisit Reagan's vision and get back
to work.

Tell the U.S. Congress
Make Gas Cheaper NOW by:

• Cutting gas taxes and banning earmarks
• Increasing American oil production
• Building and expanding U.S. refineries

With this debate in mind, FreedomWorks' newest campaign site,
GasPriceProtest.com is a call to action for substantial policy action
in Congress. Our petition is the limited government alternative to the
higher taxes and regulatory solutions being proposed by the Left.

Help us get this campaign started. Please visit the site, sign the petition,
and tell your friends about GasPriceProtest.com.

Sincerely,

Dick Armey

Chairman

FreedomWorks

© 2008 FreedomWorks. All Rights Reserved.

FreedomWorks
601 Pennsylvania Avenue NW
North Building, Suite 700
Washington, D.C. 20004

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Congress Should CAP the Interest Rate on past ARM's that lead to foreclosure!

Mortgage News Daily received an email this week from a reader with an intriguing idea for, if not solving, at least lessening the foreclosure crisis. What we loved about it was its simplicity.

The reader said that she works with a real estate attorney in Florida, one of the three states most heavily impacted by foreclosures. She said that her workload has shifted from helping her employer prepare and complete some 40 real estate closings a month to working with families facing foreclosure. She asks a very simple question:

"Has anyone ever suggested that we cap the interest rate on all those ARMs, regardless of the credit or income of the borrowers?"

The cost to the banks modifying these loans with the methods they are currently using, she says, has got to be astronomical. Consider the man hours necessary to answer the phones, gather the information the borrowers must provide and then reviewing these documents which appears to take at least 30-60 days. Now consider the cost and the effects of writing all borrowers that are 30 days delinquent that their original interest rate, whether 4 percent, 5 percent or even 6 percent and tell them that their original rate is now their current rate.

There have been several rate freezes proposed in the last 8 months, but most were so constrained by eligibility, time limits, and so forth as to be massively unhelpful.

There are a lot of holes in this idea, but at its heart there are components that might work. The problems?

First of all, the 30 days delinquent requirement almost guarantees that thousands of paid-to-date adjustable rate mortgages will immediately become 30 days delinquent, so scratch that part of her suggestion. Better to base eligibility on the date of the loan (when did teaser rates first kick in?) or the size of the contractual rate jump.

There would have to be a mandate from somebody - Congress, the Federal Reserve, Treasury, to fix those rates and the immediate objection is going to be that the government is interfering with the property rights of the lenders and/or investors who own the loans or that those investors will be reluctant to cooperate because it cuts their profit margin.

That ship has sailed.

Both because of the losses they are suffering and because lenders have been all too eager for the government to feel their pain - and do something about it - it is time to take definitive action that will solve the problems of more than a handful of borrowers, and solve those problems instantly.

Then there are those standing on the sidelines who will mightily resent borrowers getting any break in rates and terms. No matter that every foreclosure in their community is costing them in property values and probably tax revenue. Their refrain remains, "these people bought houses they couldn't afford; they don't deserve a bailout." It is time to get over what an earlier generation would call a "dog in the manager" attitude.

This suggestion is akin to a solution proposed by Congress in which the Federal Housing Administration would be empowered to guarantee loans that have been written down by the original lenders to reflect current home prices, but her plan could be implemented with no new bureaucracy and very little in the way of expense and manpower.

Congress's bill would require an appraisal of the property and does nothing to lessen the workload of the lender or servicing staff charged with collecting and reviewing the information which their bosses view as necessary to processing workouts or restructures. Worse, it would require a potentially catastrophic investment of federal money should FHA have to make good on substantial numbers of loan guarantees.

The idea requires willingness on the part of the lender/investor and a postage stamp.

One can imagine countless variations on the plan. The rate freeze/reversal could be temporary - perhaps limited to two years - or apply only to those whose new rate would be in excess of a given number - perhaps 7 percent. Borrowers might be offered a carrot - if they get caught up on their arrearage and then continue to pay on time under the new loan terms they might be put on an expedited list by the lender for a permanent workout, which the servicer could have the luxury of time to effectuate or to sell or refinance the house at today's relatively low rates without government assistance.

If lenders and servicers decide to continue on their present course of waiting for the government to bail them out or doing workouts according to their current formula, the number of foreclosures will continue to rise. And what is the cost of those foreclosures? It is probably a more staggering figure than you had thought. We will detail those expenses, not only to the lender but to the affected homeowner, local government, and the neighborhood in another article this week.

What do you think? Could a plan this simple work? Why or why not? Please share your thoughts below.

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Homesale Guaranteed --- Part 1 of a series

Worldwide Internet Exposure!

In today's world, over 80% of new homeowners surveyed, have indicated they searched for homes on Internet before and while working with a buyers agent.

That means, therefore, that as a Seller, you need to have a major marketing presence on Internet, above and beyond the rest of the homes on the market competing with you. That is precisely what I do for each and every one of my listings ---

I will totally maximize the exposure of your property listing on Internet -- over 2500 real estate sites throughout the world ( including but not limited to realtor.com, yahoo.com, aol.com, excite.com, msn.com, nwmls.com, homegain.com, lendingtree.com, etc)

.

Since 1998, I have been a leading Agent on Internet each and every year --- day in and day out!

When you list your home for sale with me, it will be announced to over 4 million real estate agents throughout the world, not to mention their clients.

The KEY to marketing, is marketing to Buyer's Agents, not just to potential buyers directly.

It is the agent who the buyers rely on for direction, for advice, and overall representation. It is for that reason that I am one of the few agents that target buyer agents first and foremost.

Buyers Agents are in direct contact with their buyers and we have a better chance of reaching buyers through their agent then attempting to contact buyers directly.

This difference in marketing focus, separates me from 98% of the real estate industry. Clearly a distinct advantage that I have proven time and time again.

When I list your home for sale, your property is advertised worldwide within 24 hours! On top of that, I personally own, operate, and maintain over 200+ web sites, including the very popular "Ultimate Home Search Website" at www.PreviewPropertiesInc.com.

It is a leading website, even frequented by real estate agents from other companies, as well as their clients.

For more information about the HomeSale Guarantee process, go to:

www.Homesale-Guarantee.com

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Treasury's Paulson Sees End in Sight for U.S. Credit Crunch

In an interview with CNBC, Treasury Secretary Henry Paulson said that the U.S. has been in a rough patch but is coming closer to the end of the current credit crisis.

Paulson was encouraged by the current government-sponsored entreprises (GSE) reform package and expects the U.S. economy to strengthen later in the year. He reiterated his position that the U.S. has a strong dollar policy and that the long-term strength would eventually return to the currency.

Paulson stated that the current policies in place can deal with problems the economy is facing, stating, "ultimately, the fundamentals will restore confidence in the U.S. economy."

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Is the housing crisis over?

We can all breathe a sign of relief.

The housing crisis is over??????

At least that was the headline on the editorial page of the Wall Street Journal earlier this month when Cyril Moulle-Berteaux, a managing partner of Traxis Partners LP, a hedge fund firm based in New York made his case that the housing market is hitting bottom right now.

Some of what he says makes sense; some sounds more like tip-toeing past the graveyard; but his arguments are worth looking at so we can look back in six months and judge his claims historically.

Remember, while we review Moulle-Bereaux's arguments, that the Journal's news pages are known for straightforward and bias-free reporting, but the paper's editorial pages are widely regarded as being in the service of politicians and corporate America. While op-ed pieces tend to be more balanced than the editorials, they still tend to have a rightward tilt.

Moulle-Bereaux prefaces his arguments with the caveat that he does not expect prices to return to 2005 levels; in fact he feels that may not happen for another 15 years. He is merely stating that the downward trend in sales and pricing is not intensifying as the financial and mainstream press would have us believe.

The current housing bust, he says, is actually nearly three years old. Sales hit their peak of 1.4 million annualized sales in the summer of 2005 and have dropped 63 percent since then. Housing starts are down more than 50 percent which, when adjusted for population growth, takes them back to the previous lows of 1982.

In addition, residential construction now represents only 3.8 percent of Gross Domestic Product; a 15 year low, and will probably set an all time low by the fourth quarter of 2008.

But, Moulle-Bereaux argues, the very factor that caused the bust in the first place is going to save the market: affordability.

Americans enjoyed virtually unprecedented access to homeownership during the 1990s and early 2000s. It took 19 percent of average monthly income to service a conforming mortgage on an average home purchased during that period. But, as prices increased by double-digit percentages in many parts of the country during 2005 and 2006, mortgage costs rose to 25 percent of monthly income. And for first-time homeowners the cost of homeownership went from 29 percent of income to 37 percent and buyers who actually intended to live in the houses they were purchasing began to pull back.

The good news, bad news is that prices have now fallen an average of 10 to 15 percent - much more in some previously hot markets - while incomes have continued to rise; (while there is a school of thought that would argue strenuously that real wages have actually been stagnant, we will grant Moulle-Bereaux his point) while mortgage rates are down 70 basis points from their peaks. Guess what, housing has returned to the 19 percent of monthly income level for repeat buyers and 31 percent for the first-time homebuyer.

"In other words," Moulle-Bereaux says, "homes on average are back to being as affordable as during the best of times in the 1990s. Numerous households that had been priced out of the market can now afford to get in."

But what about all of those unsold houses? Can prices stop falling with so many houses in foreclosure or standing vacant and unsold? Moulle-Bereaux relies on history to assure us they can.

He references five past market corrections and claims that in each, when home sales bottomed, "the pace of house-price declines was halved within one or two months." This because, by the time sales stop dropping, inventories have usually already dropped as well.

That, he says, is the case right now. New home inventories peaked at 598,000 homes in July 2006, and stand at 482,000 homes as of the end of March, an 11 months supply. And while this is a 25-year high, it is similar to the situation in 1974, 1982, and 1991 when such data was followed by slowing in home-price declines within the next six months.

Inventories are being brought down because construction activity has been falling for such a long time that new home sales are about on a par with home completions, and sales should be pulling ahead, perhaps by as much as 50 - 100,000 units annually, in a matter of months. He speculates that inventories will drop even faster to 400,000 - or seven months of supply - by the end of 2008 which will impact on prices, although they won't stop falling entirely until inventories reach five months of supply, a level that has historically signaled tightness in the market, sometime in 2009.

Here he is overlooking any impact of inventories of existing homes. In March, the last month for which data is available, the National Realtors Association estimated a backlog of 4,058,000 unsold homes or a 9.9 months supply. This was a 1 percent increase over the February number. Unlike with new homes, there is no convenient spigot to turn-off the number of previously-occupied homes coming onto the market. People continue to be transferred, downsize, or die while forced sales and foreclosures appear set to continue for the short term. But assuming that Moulle-Bereaux reading the housing tea leaves correctly, how will all of this affect the broader economy? MOULLE-BEREAUX lays out a number of positives:

• The housing market has been subtracting a full percentage point from GDP for almost two years. Any improvement in the market should stop this bleeding.
• When the rate of price declines comes down "there will be a wholesale shift in market perceptions." The market is valuing houses, i.e. the collateral for existing and future loans as though the declines will continue for another two to three years. When this perception changes it will have significant impact on the view of future delinquencies, foreclosures, and credit losses that lenders expect they will face.
• Fewer homeowners will be underwater on their mortgages and will thus have less incentive to walk away from their obligations.
• Reaching further out, a slowing house-price decline could stabilize if not increase the value of a lot of the securitized mortgages that have ravaged the financial markets with write-downs and subsequently reported losses. "Even if write-backs do not occur, stabilizing collateral values will have a huge impact on the markets' perception of risk related to housing, the financial system, and the economy."

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Fannie Mae Announces Single National Down Payment Policy

Fannie Mae (FNM/NYSE) today announced a new, national policy on down payment requirements for conventional, conforming mortgages the company will purchase or guarantee. Starting June 1, 2008, Fannie Mae will accept up to 97 percent loan-to-value ratios for conventional, conforming mortgages processed through its Desktop Underwriter^® (DU^®) automated underwriting system, and 95 percent loan-to-value ratios for loans underwritten outside of DU, in all geographic locations in the United States. The new national down payment policy will supersede the policy the company adopted in December 2007 that required higher down payments in markets where home prices are declining.

"As a part of our 'Keys to Recovery^TM' ( http://www.fanniemae.com/homebuyers/pdf/keys_to_recovery.pdf  )
initiative, we are today announcing that we will be equalizing the down payment requirements for borrowers in all parts of the country, regardless of local market conditions," Marianne Sullivan, Senior Vice President, Single-Family Credit Policy and Risk Management, said. "This new down payment policy reinforces our goal to support successful home-owning, not just home-buying, as we seek to bring liquidity to all communities and help the housing market recover."

The new national down payment requirements of 3 or 5 percent will apply to loans for purchase of single-family, primary residences. Down payment requirements will vary for other occupancy, property and transaction types. The company will implement systems and operational changes over the summer to accommodate the new national policy.

"We are able to adopt this new, national down payment requirement, even in markets where home prices are declining, because our new automated underwriting risk assessment model DU Version 7.0 will limit risk layering and assess each loan more precisely," Sullivan added. "At the same time, we believe that equity matters, especially in this market. Down payments are a critical success factor in homeownership -- and responsible lending is good business."

Since the housing correction began, Fannie Mae has expanded its mortgage guaranty business to serve the market's urgent need for stability, liquidity and affordability. The company also undertook steps to help protect borrowers, manage the increased credit risk in the market, and fortify the company's capital position. Among these steps, the company has continued to assess and establish new pricing, eligibility and underwriting criteria for its business that more accurately reflect the current risks in the housing market and guard against the potential for foreclosure. These changes have been incorporated into DU and have included adjustments to credit risk assessment, loan-to-value ratios and down payment requirements, among other factors.

Among the changes in response to market conditions, in December 2007 Fannie Mae adopted a "Maximum Financing in Declining Markets Policy" that restricted the loan-to-value ratios on properties in markets where home prices are declining, essentially requiring higher down payments in these markets. The new single national down payment policy announced today will supersede that policy.

Fannie Mae Senior Vice President Jeff Hayward stressed the company's commitment to special affordable lending programs to support homeownership for families of modest means. "We are stepping up to provide more liquidity and affordability to some of the most distressed communities while also seeking at least a 3 percent down payment investment through our Desktop Underwriter system from borrowers to help ensure their success."

Fannie Mae will continue to provide support for homebuyers that need down payment assistance, and will continue to allow loans with Community Seconds^® up to a maximum 105 percent combined loan-to-value ratio. Community Seconds allow a borrower to obtain a second-lien mortgage to help cover down payment and closing costs, with funding typically provided by a state or local housing agency; an employer; or a nonprofit organization. Fannie Mae also offers MyCommunityMortgage^® and Flex mortgage products, which permit down payment assistance programs in the form of gifts and grants.

"We recognize that down payment assistance programs remain a viable tool for borrowers who can afford a mortgage long term, but might need a little help getting started," Sullivan said.

As part of its "Keys to Recovery" ( http://www.fanniemae.com/homebuyers/pdf/keys_to_recovery.pdf ) initiative, Fannie Mae is expanding its partnership with the National Council of State Housing Agencies. The company will provide up to $10 billion in financing to help Housing Finance Authorities (HFA) serve first-time homebuyers of modest means. In some cases, Fannie Mae will purchase HFA mortgages that have greater than 97 percent loan-to-value ratios.

The first "Keys to Recovery" ( http://www.fanniemae.com/homebuyers/pdf/keys_to_recovery.pdf )initiative that Fannie Mae announced on May 6, 2008 also includes: streamlined refinancing for Fannie Mae borrowers whose mortgage balances exceed the value of their homes; improved pricing for jumbo-conforming mortgages to help borrowers in high-cost areas; and a neighborhood stabilization initiative with the Center for Community Self-Help for targeted areas with high home foreclosures.

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Low Cost Tips That Gives Your Home Saleability

1.  Paint it!

Cost: $60 for two gallons of Benjamin Moore interior paint -- enough to paint the walls and ceiling of a 12-by-15 room.

A little paint or varnish can go a long way toward improving your home's value. One fresh coat (along with a little sanding and caulking) wipes out the scuffs, chips, cracks and other damage that clearly convey wear and tear. Make your first priority the front door, where everyone from visitors to potential buyers lingers.

 

You're standing on the front porch and you have a good 15, 20 seconds just to look.  Inside, don't forget to freshen up the baseboards, doors and ceilings after you tackle the walls.

Just remember to stick to neutral colors if you're thinking of selling sometime soon. Buyers might not share your appreciation for the eye-popping combo of Fireball Orange and Traffic Light Green in the kids bedrooms.

 

2.  Basic Maintenance!

 

Cost: $350, however if you negotiate it, you should be able to reduce the cost to $295-300 for a home inspection, including walk-through and report of suggested fixes.

"You have to be careful with remodeling because you can spend money in the wrong place and not get it all back," says Lyle Martin, co-founder of Assist-2-Sell, a Reno, Nev.-based real estate brokerage. A common mistake: making aesthetic upgrades while ignoring basic maintenance. New bathroom tiles mean nothing if the plumbing is faulty or the underlying wall has dry rot.

If you don't address these problems before putting your home on the market, it'll cost you. Buyers traditionally negotiate a $2 discount for every $1 in damage that turns up in a home inspection.

Aim to complete a few small maintenance projects each year, like fixing that creaky floorboard or replacing a cracked light switch plate, advises Martin. Not sure where to start? Hire a home inspector to point out which areas would be problematic were your home on the market.

 

3.  Energy Efficient Upgrades

 

Cost:   $500 to replace your old clothes washer with an Energy-Star certified Frigidaire washer (including a $50 utility-provided rebate and an estimated $50 in energy savings the first year).

Energy-efficiency projects such as installing Energy-Star windows or swapping for a high-efficiency furnance are one of the few upgrades that hold their value in a down market Not only will such improvements cut your energy bills, but they'll also be more attractive to buyers who are hunting for more earth-friendly homes.

 

Homeowners should display their utility bills as documentation of the effects of those energy-efficiency improvements, as it will make a big difference on how your hoe is perceived.

Look for incentives and rebates through your utility providers and state and local governments. And don't forget about federal tax credits. Both the House and Senate have given tentative approval to an extension of the energy-efficiency tax credits from the Energy Policy Act of 2005, which offered a credit of up to $500 for select projects completed in 2006 and 2007. The two-year extension could become law by summer. Look to the Tax Incentives Assistance Project to refresh your memory on what criteria projects must meet to qualify. 

4.  Outdated Fixtures! 

Cost: $86 for an American Standard faucet, 10 drawer pulls and 10 knobs.

Giving a room a more modern look requires little more than a screwdriver and some new fixtures. New hardware can completely freshen a house.

 

Things that are outdated are things that buyers would turn their noses up at.  As far as fixes go, it's dirt cheap. New drawer handles or knobs can be had for as little as $2 each. There are also plenty of options out there for personalizing your space. Home Depot lists almost 900 kitchen and bathroom faucets priced below $50. You might also try swapping out ceiling-mount light fixtures or doorknobs.

 

5.  Landscaping.

Cost: $200 for five each of dogwood, forsythia and red-flowering butterfly shrubs, plus $100 for enough mulch to cover 200 square feet of planting beds. But don't get carried away, not at the expense of noticeable maintanance requirements especially.

A good first impression is crucial however. Your carefully groomed landscaping -- or, in contrast, weed-overgrown jungle -- is one of the first things a potential buyer notices.

 

Enhancing curb appeal is something every seller does. You'll score even more points with a yard that was obviously fixed up long before you listed your property.

Savings can be had as well, as long as you plant wisely. Drought-resistant shrubs require less water, while perennials won't require repeat plant purchases in coming years. Leafy deciduous trees shade your home from the hot summer sun, and allow maximum heat transfer inside during cold winters.

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Another Program To Aid Subprime Mortgage Crisis

Another program to aid in the subprime mortgage crisis has been announced by Fannie Mae.

As with most recent initiatives, whether designed by lenders, Congress, or the President, the intended audience of Fannie's program is limited, but it does target a sector of troubled borrowers that has not received a lot of attention - the "underwater" borrower.

Being underwater in the current market means owning more on a mortgage than the underlying security - that would be the house - is worth. Some borrowers actually took out a loan that was near 100 percent loan to value, others have watched their equity disappear as housing prices plummeted. Were the borrower to sell the house or refinance under today's economic conditions he would have to bring cash to the closing table to make up the difference between the loan or sale proceeds and what is actually needed to retire the old debt. (He might be able to convince the existing lender to take a "short payoff" to reduce or eliminate the deficiency but this is a tough sell when the loan is current.)

Fannie Mae's new program would not, as the bill authorized in the House last week does, require existing lenders to write-down mortgages to a level where refinancing is feasible. Fannie will instead refinance new loans adequate to cover the old debt. This does not bail out the borrowers boat - he is still underwater - but might result in a lower payment because of a reduced interest rate, a fixed rate, or a slightly extended amortization period.

Under the new rules Fannie will refinance mortgages at up to 120 percent loan to value and the program appears to be limited to loans that are paid to date and that Fannie either owns or insures.

Fannie estimates that 150,000 homeowners could be helped by such a program.

The thrust of the program is obviously to buy time. Fannie is betting that, by refinancing homeowners, it will assist them in keeping payments current and that in the long-term house prices will improve to a point that these loans will become adequately collateralized. Critics are already saying that this is also a way of pushing losses into the future so as not to impact Fannie's fragile bottom line or capital reserves; that if prices continue to deteriorate more homeowners, lacking equity, will simply walk away.

Still, this new program will provide a place where as many as 150,000 people can hope to find help. Stack enough of these limited-focus programs together, wherever they come from, and the universe of battered borrowers may all find a place for hope.

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American Housing Rescue & Foreclosure Prevention Act (HR 3221)

Dear Beryl:

Earlier today, Congress passed comprehensive legislation that will strengthen our housing market and help American families avoid foreclosure. I strongly support this legislation, and I am writing to update you on my work to address the downturn in our housing market.

Turmoil in our country's subprime mortgage market is hurting our economy and putting millions of families at risk of losing their homes. That is why Congress has passed the American Housing Rescue & Foreclosure Prevention Act (HR 3221).

If this bill becomes law, it will create new tax credits and make changes to the Federal Housing Administration (FHA), Fannie Mae and Freddie Mac to help American families avoid foreclosure and achieve home ownership.

The centerpiece of HR 3221 is the creation of a new program that will allow the FHA to refinance mortgages for homeowners facing foreclosure. Under the terms of the program, homeowners can refinance their mortgage with the FHA if their lender agrees to reduce their mortgage principal by at least 15%. In order to ensure that this program is not abused, the government will recoup a portion of the profits that the homeowner makes when they resell their home for a higher price in the future. I am confident that this will help Americans keep their homes and pay off mortgages they can actually afford.

HR 3221 will also strengthen the housing market by creating a refundable tax credit of up to $7,500 for first-time homebuyers and temporarily increasing the low-income housing tax credit. These changes to our tax code will help make the dream of home ownership a reality for millions of American families, including low-income families seeking affordable housing options.
Additionally, HR 3221 includes other commonsense housing reform measures, such as:

-Strengthening regulation of Fannie Mae, Freddie Mac and the Federal Home Loan Bank;
-Permanently increasing the FHA loan limit to help families in high-cost housing areas;
-Expanding access to reverse mortgages through the FHA; and
-Increasing the Veterans Administration home loan limit to make it easier for veterans to achieve home ownership.

HR 3221 passed the House of Representatives on May 8th. Members of the House and Senate will now meet to develop a final version of comprehensive housing legislation to send to the President.

Please be assured that I will continue to work with my colleagues to address the subprime mortgage crisis and help Americans achieve home ownership. Please contact me in the future about issues that are important to you.

Sincerely,

Rick Larsen
United States Representative
Washington State, 2nd District