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Inside Washington (10/02/2008)
* WASHINGTON (10/3/08)--A refinancing program launched by the Department of Housing and Urban Development (HUD) Wednesday has triggered analysts’ concerns because the program requires that borrowers with payment and debt-to-income ratios over a certain amount complete a three-month trial before the loan is insured by the Federal Housing Administration (FHA). The rule requires the FHA lender and servicer to “work hand in glove,” said Rod Dubitsky, Credit Suisse Group head of asset-backed securities research (American Banker Oct. 2). Borrowers must also provide new lenders with two years’ worth of tax returns from the Internal Revenue Service, and they cannot participate if the mortgage is on a second home. They also are required to have made at least six payments. The plan is open to improvements, said HUD Secretary Steve Preston ... * WASHINGTON (10/3/08)--As of Thursday, the House had not yet passed the bailout bill. The Senate passed the bill Wednesday after adding tax breaks (American Banker Oct. 2). The bill is “take it or leave it on our side,” said Rep. Michele Bachmann (R-Minn.). Bachmann opposes the bill and said the Senate took a high-stakes risk by passing it. Others may switch their vote, including Rep. Patrick Tiberi (R-Ohio) who opposed the legislation Monday but is now reconsidering. Rep. Melissa Bean (D-Ill.) said it is up to the Republicans to change their minds on the bill. Speaker of the House Nancy Pelosi doesn’t need Republican votes, and that she can “deliver those votes” without the Republicans, Bachmann added ...


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