Omnibus housing legislation poised for vote

The Senate voted 80-13 to limit debate on the bill that would aid ailing mortgage giants and help struggling mortgage holders.
JUL 25, 2008
By  Bloomberg
A sweeping housing bill that would aid ailing mortgage giants Fannie Mae of Washington and Freddie Mac of McLean, Va., and help struggling mortgage holders is one step closer to becoming law today after the Senate voted 80-13 to limit debate on the legislation. The Senate is now poised to approve the American Housing Rescue and Foreclosure Prevention Act and send it to President Bush, who has vowed to sign the bill into law. The Senate is expected to vote on the measure Saturday. House Financial Services Committee chairman Barney Frank, D-Mass., and Housing and Community Opportunity Subcommittee chairwoman Maxine Waters, D-Calif., today called on the mortgage industry to delay or cancel foreclosures until the prospective legislation goes into effect Oct. 1.

Latest News

NASAA moves to let state RIAs use client testimonials, aligning with SEC rule
NASAA moves to let state RIAs use client testimonials, aligning with SEC rule

A new proposal could end the ban on promoting client reviews in states like California and Connecticut, giving state-registered advisors a level playing field with their SEC-registered peers.

Could 401(k) plan participants gain from guided personalization?
Could 401(k) plan participants gain from guided personalization?

Morningstar research data show improved retirement trajectories for self-directors and allocators placed in managed accounts.

UBS sees a net loss of 111 financial advisors in the Americas during the second quarter
UBS sees a net loss of 111 financial advisors in the Americas during the second quarter

Some in the industry say that more UBS financial advisors this year will be heading for the exits.

JPMorgan reopens fight with fintechs, crypto over fees for customer data
JPMorgan reopens fight with fintechs, crypto over fees for customer data

The Wall Street giant has blasted data middlemen as digital freeloaders, but tech firms and consumer advocates are pushing back.

The average retiree is facing $173K in health care costs, Fidelity says
The average retiree is facing $173K in health care costs, Fidelity says

Research reveals a 4% year-on-year increase in expenses that one in five Americans, including one-quarter of Gen Xers, say they have not planned for.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.