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2008 New Mexico Legislative SessionTo summarize the climate in Washington, D.C. all you have to do is look at the past few months when Representatives and Senators were not in the nations capitol. The first week of the March recess had two plans proposed to “rescue” distress borrowers and the following week saw all three major Presidential candidates address the housing situation and the prospect of bankruptcy “cramdown” legislation back on the Senate floor when it is returned to business. In a tightening credit market, with stories of distressed borrowers routinely making the headlines, Congress is feeling the increasing pressure to act. Senate Democrats are anticipated to bring up S.2636, the Foreclosure Prevention Act of 2008, again. This legislation contains several provisions which the real estate finance industry supports, but continues to feature bankruptcy “cramdown,” which is a non-starter. Additionally, behind the scenes efforts continue to reach a compromise on legislation that will modernize the Federal Housing Administration (FHA) with the issue of conforming loan limits being the critical sticking point. Also several bills including the Frank Bill (H.R. 3915) and the Dodd Bill (S. 2452) should begin picking up steam in light of all that is happening. Finally, the RESPA reform bill and the White House’s plan to overhaul the nation’s financial system are other pieces of legislation that will b analyzing as an association and we will be reporting back to our members as to the impact on our industry both on the national and the local level.
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