Legislative Update
USDA Funding
The USDA extension has been attached to an Appropriations bill (we have been told it is a Defense Authorization bill). While the extension of the program still appears likely prior to Memorial Day, it is a volatile situation in light of the uncertainty surrounding the timing of financial reform legislation currently being debated in the Senate.
We have also been told that USDA is no longer leaning toward continuing to issue commitments at this time.
- No action yet on USDA legislation. Interim guidance is now unlikely.
- RHS publishes proposed rule permitting lender indemnifications.
- http://edocket.access.gpo.gov/2010/pdf/2010-11383.pdf
This is only temporaity and it is expected Congress will refund the program by month end. Stay tuned for continued updates.
Eric Burgess has written 75 articles on Mr. Mortgage @ Mason McDuffie Mortgage
