NEED A LOAN? House Committee to Mark Up Sec. 502 Guarantee Bill and Others USDA Funds Remaining: $1.47B
WASHINGTON, April 22, 2010 - The House of Representatives' Financial Services Committee will consider several housing-related bills, including H.R. 5017, a bill introduced on April 14 that would make additional funding available for the Section 502 guaranteed mortgage loan program in Fiscal Year 2010. The mark-up will be broadcast live online via the Committee's website beginning at 10 a.m. Eastern time.
H.R. 5017, named The Rural Housing Preservation and Stabilization Act of 2010, would authorize up to $30 billion for the Section 502 guarantee program this year.The program is expected to use the $12 billion previously authorized for this year by the end of April. The bill would raise the additional funds through lender fees when the guarantee is issued and then annually throughout the loan term.