Congress

Senate Passes FHA Reform in a Landslide 

The U.S. Senate on Friday overwhemingly passed a heavily-debated bill to “modernize” FHA lending, potentially paving the way to an expansion of the Federally-insured mortgage program. The Federal Housing Administration Modernization Act of 2007, passed by a 93-1 vote, would let currently-troubled subprime borrowers refinance into loans backed by the Federal Housing Administration, although the differences between the Senate and House versions are expected to present some challenges.