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Daily Real Estate News  |  November 17, 2006  |   Expect Housing Changes Under Democrats
The housing industry will watch closely next year as Rep. Barney Frank, D-Mass., likely takes over the House Financial Services Committee and Sen. Christopher Dodd, D-Conn., becomes chairman of the Senate Committee on Banking, Housing, and Urban Affairs.

Frank probably would make among his top priorities: Fannie Mae and Freddie Mac reform, a national predatory-lending standard, and changes in the Federal Housing Administration loan program to hike mortgage insurance premiums for the riskiest borrowers, according to Kurt Pfotenhauer, the Mortgage Bankers Association's senior vice president for government affairs and public policy.

"I think the one immediate impact we'll see when we get a bill passed is the creation of a housing trust fund that will push a little bit more capital into low- and moderate-income housing," Pfotenhauer says.

Other observers believe the Democrats will push for changes in the tax code that will enable homeowners to deduct private mortgage insurance.

Source: Sun Herald (Mississippi), Holden Lewis (11/17/06)

© Copyright 2006 Information Inc.

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