Hal's Mortgage Blog

The next step is the Senate. Since this is not considered a controversial bill, passage is likely. You may recall from my earlier post, this will appropriate $30 billion dollars for this program for 2010 and every year after. This will eliminate having to do it again next year and subsequent years thereafter.

Here's more good news. This program is not funded by taxpayer dollars. It is entirely self sustaining with dollars coming from the Upfront Premium, paid by the borrower at the close of the loan, which is held in reserve to offset any losses that might ensue from foreclosures in the future.