HR 4899, S3266, and HR 5007- Guaranteed Funding Update

This is just a short, quick update on USDA Rural Development Guaranteed Funding and the bills: HR4899, S3266, and HR 5007.

So many peoples lives are being held in limbo because of the lack of USDA funding.  Entire families lives are on hold waiting on Congress and our Senate to pass a bill, ... any bill will do at this point so these people can get on with their lives.

If it doesn't happen in the next few days all of these families will not qualify for the Home Buyer Tax Credit.  $8000 is a lot of money to these families.  Their loan must close by 6/30/2010 to qualify.  Some loans are actually structured based on that tax credit! 

This is the saddest example of miss-management and lack of foresight I have ever seen.  Who is going to suffer?? ...  the very people our government is trying to help!

HR 5007 was approved in the House but not the Senate.  HR 4899 and S3266 are back in the Senate and different than the House Bill.  What does all this mean?  I have no idea at this point. 

Following is a post from Anonymous, who seems to have a better handle on it:

Anonymous said...


HR 4899 is the FY 2010 Emergency Supplemental appropriations (Disaster Relief and Summer Jobs) which is scheduled to be up for debate in the Senate when they reconvene on 5/24/2010. Details on this bill can be found at http://thomas.loc.gov -- with any luck, the Senate will approve some version of this bill with additional USDA funding by 5/28, after which they are in recess until 6/7. The House will have to vote on this legislation too. They will also be in recess after this week until 6/7.

Well, Anonymous seems to know a lot more than most of us.  Follow his links and get back to us.  We all need to know.  The USDA offices know nothing and are being kept in the dark too.  I guess that is not a fair statement.  Who, I mean really, ... who can predict what our congress or Senate will do?  The USDA people are just as upset about this as the rest of us are.

The only facts we know are:  The Guaranteed funding has run out.  They are not issuing Conditional Commitments.  They have no idea if or when funding will be allocated.

Please leave your comments.

USDA Guaranteed Funding, 05/14/2010

Everyone is holding their breath about USDA Rural Development Guaranteed Funding.

Ok, here is the word,  the bill passed the house and now they say it only has to go back to the Senate for the final approval based on the changes.

The Guaranteed program ran out of funds this week.  No big deal!  They can now offer conditional commitments waiting on funds and the passing of the bill that requires a new 3.5% funding fee.

If I were a lender, I would be changing the docs and the loan amount to reflect that change.  You will be in the front of the line!!

They only suspect a 1.5 week delay in the running out of funds and the new funds.  Don't be left in the dust.

Think about it folks!

More to follow in our next blog when things are officially passed.

H.R. 5003, H. R. 5017 Rural Housing Funding for the Guaranteed Loan

There is still no word on the H R 5017 Bill that has gone to the senate for approval.  This has a major impact on our economy.  They must take action.  (approve or not)  A decision is mandatory now.

I tried to track this bill through the process and this is what I found.  It totally pissed me off because you and I cannot possibly find out where it is or what all this BS really means.  There is no transparancy!  Who could possibly figuar this stuff out?  This is what I found:

• Apr 28, 2010: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
• See the Related Legislation page for other bills related to this one and a list of subject terms that have been applied to this bill. Sometimes the text of one bill or resolution is incorporated into another, and in those cases the original bill or resolution, as it would appear here, would seem to be abandoned.
• htt://www.govtrack.us/congress/bill.xpd?bill=h111-5017&tab=related  This is where that link went to;
• Other Legislation with the Same Title
• The list below shows legislation in this and previous sessions of Congress that had the same title as this bill. Often bills are incorporated into other omnibus bills, and you may be able to track the status of provisions of this bill by looking for an omnibus bill below. Note that bills may have multiple titles.
• 111th Congress: S. 3266 Introduced
• H.R. 5003: Rural Housing Improvement Act of 2010
• 111th CongressThis is a bill in the U.S. Congress originating in the House of Representatives ("H.R."). A bill must be passed by both the House and Senate and then be signed by the President before it becomes law.
• Bill numbers restart from 1 every two years. Each two-year cycle is called a session of Congress. This bill was created in the 111th Congress, in 2009-2010.
• The titles of bills are written by the bill's sponsor and are a part of the legislation itself. GovTrack does not editorialize bill summaries.

2009-2010

• To increase the loan guarantee fee for rural housing loans guaranteed under section 502(h) of the Housing Act of 1949.
• Apr 13, 2010: Referred to the House Committee on Financial Services.
• See the Related Legislation page for other bills related to this one and a list of subject terms that have been applied to this bill. Sometimes the text of one bill or resolution is incorporated into another, and in those cases the original bill or resolution, as it would appear here, would seem to be abandoned.

Well, this is my extent of tracking the Bill.  Maybe you can understand this stuff and can track it better than I can.  As American citizens, ... don't we have a right to to have access to theses legistrative actions in a form that uneducated people like myself can follow and understand??

I know I am stupid in the eyes of the people in Washington!  But, I am paying their Salary and so are you!!  I want to be able to understand and track all legislation.  I care and I vote!