Released: June 03, 2006

A bill to deliver the American Dream

Source: By Kenneth R. Harney, Syndicated Columnist [Washington Post] (Free Registration)

An unusual Capitol Hill alliance of liberal Democrats, conservative Republicans, commercial banks, real estate brokers, ethnic-group lobbies, home builders and mortgage brokers is supporting legislation that could give thousands of first-time home purchasers a better deal than they get in the mortgage market today.

What’s the better deal? Consumer-friendly Federal Housing Administration loans that carry flexible or no down payments, no prepayment penalties, and affordable rates and fees - unlike many subprime mortgages aimed at minority first-time buyers.

The coalition supports a bill co-sponsored by members of Congress who are opposites ideologically and rarely agree on anything. The Expanding American Homeownership Act of 2006 (HR 5121) is co-sponsored by Rep. Robert W. Ney, a conservative Ohio Republican, and Rep. Maxine Waters of California, one of the most outspokenly liberal Democrats in the House. It also unites Rep. Cynthia McKinney (D-Ga.) and Rep. Katherine Harris (R-Fla.) and more than 50 other Democrats and Republicans.

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