Wednesday, May 23, 2007

Garrett vs. First-Time Homebuyers

In another 12 to Garrett vote, Representative Scott Garrett was the only Representative from New Jersey to vote against reforming Fannie Mae and Freddie Mac and providing for The Affordable Housing Trust Fund. There's a lot to write about this bill, but I just haven't had the time. Sandy23 over at Blue Jersey did a nice job of covering the positive impact the bill would have for affordable housing. Here's how her diary started.
Yesterday the House voted on the National Housing Trust Fund. Originally proposed by then Congressman Bernie Sanders of Vermont, the bill sets up a Trust
Fund to support building of Affordable Housing nationwide. The funding for the bill comes through surplus dollars at Fannie Mae and FreddieMac.

I added this comment to their conversation.

The bill, which the White House had initially supported, is veto proof with a 313-104 margin.

The Bill also raises the limits of loans Fannie Mae and Freddie Mac are allowed to offer first time home buyers in higher cost areas, like the Fifth District. In addition, it provided a new office to regulate the companies to prevent issues like they've had over the last three years.

I'm not sure how the amendments panned out in terms of White House support, but Garrett proposed an amendment that was crushed. It would have all but eliminated Fannie and Freddie from being able to help first-time homebuyers in the Fifth by restricting the types of mortgages they could offer to exclusively affordable housing stock, and cutting out the ability of middle income families to obtain F&F mortgages.

I feel a bit lazy reposting this here, but I had a really long day at work and am headed to bed a good two hours early. I apologize for slacking.

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