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The latest bill would allow lenders to reduce their exposure to foreclosures if they agree to cut the outstanding balance of an existing loan, thus allowing homeowners to refinance into a new loan that would be FHA insured. The reductions taken by lenders are substantial and must be based on new appraisals that should reflect current home pricing levels.

The Bush Administration has opposed the legislation even though Frank included two measures near and dear to the president's heart - a revamp of the FHA and greater government control over Fannie Mae and Freddie Mac.

As reported by The New York Times earlier in the week, the FHA is confronted with the possibility of the first deficit in its 74 year history primarily because of a single program in which sellers, with the assistance of one of several non-profit organizations, fund the buyer�s downpayment. This amount is then usually added to the purchase price of the home. Loans funded under this program have suffered high delinquency and foreclosure rates, draining FHA�s budget.

In his prepared remarks, Commissioner Montgomery asked Congress to ...

The reason 3915 makes me so incensed is that it will still harm those who it professes to protect. I could care less about what you think CAUSED the CRISIS. If you are focused on blame, like Ralph Roberts and Barney Frank, you are missing the big picture...

Now we get to the hardball... This may shock and amaze you. This may be the most radical thing that anyone has ever suggested, but I just have to say it. I may be shunned for all eternity for suggesting something so radical, but it has to be done. No more stalling, here goes nothing: