Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WASHINGTON – Legislation that safeguards low borrowing costs for low-income families was passed by the House on Nov. 15. The Federal Housing Administration Downpayment Simplification Act of 2002, sponsored by Reps. Marge Roukema (R-N.J.) and Barney Frank (D-Mass.) amends the National Housing Act to permanently simplify the downpayment requirements for FHA-insured mortgages for single-family homebuyers; repeals the 50% increase in the Ginnie Mae guarantee fee scheduled to go into effect in 2004; and requires the U.S. Department of Housing and Urban Development to index the multifamily mortgage limits each year, starting in 2003, to the consumer price index. The bill was passed by the Senate last month.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.