House Approves Bill on USDA Housing Program; House Financial Services Committee Passes Bills on Flood Insurance, FHA Reform

McLean, VA – April 28, 2010 – (RealEstateRama) — The National Association of Mortgage Brokers (NAMB) applauded the House Committee on Financial Services for passing three bills positively affecting the mortgage industry, clearing the bills for consideration by the full House of Representatives. The bills would, among other things, provide additional funding for the U.S. Department of Agriculture (USDA) Rural Housing Service Loan Guarantee Program (section 502 Loans); would extend the National Flood Insurance Program; and would provide necessary FHA reform to continue offering borrowers affordable mortgage options.