HR1852 has passed by a vote of 348-72. The article posted on TownHall.com gives the basics about the bill and has lots of quotes from key lawmakers. Hopefully the bill will be able to help many people in the ever deepening mortgage crisis:

The bad news deepened again on Tuesday. Research firm RealtyTrac Inc. said the number of foreclosure filings reported in the United States last month more than doubled compared with August 2006 and jumped 36 percent from July _ a trend signaling that many homeowners are increasingly unable to make timely payments on their mortgages or sell their homes amid the housing slump.

An estimated 2 million to 2.5 million adjustable-rate mortgages are scheduled to “reset” this year and next, jumping from low “teaser” rates for the first two or three years to much steeper rates that could cost borrowers their homes. The wave of resets could crest during the presidential and congressional election campaigns next year, and the issue has brought politically charged debate in recent weeks over possible responses by the government.

Supporters of FHA loans have been waiting a long time for this and the passage of HR1852 is great news!

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