Tuesday, May 4, 2010

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!

6 comments:

  1. See also:

    http://www.washingtonwatch.com/bills/show/111_HR_5003.html#toc1

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  2. We are using this bill as well to buy or dream home.We have had so many ups and downs with this program, we have been approved by an underwritter a few weeks ago, and we just sent our folder off on Wednesday of this week 5/19/2010. Only to be told that they ran out of money last Friday 5/14/2010. So have had to ask for an extension until they pass this bill. If we dont get an extension or they dont pass this bill we lose our deposit and everything else we have already put it to this home. I cant help but think of all the companys and banks we have bailed out in the past 2 years, other countries we have bailed out! How can families that are hard working and that pay their taxes everyday of every year get screwed out of their American dream!

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  3. The bill to watch in Senate is HR 4899. It is on the calendar for May 24,2010. I plan to be glued to c-span!!

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  4. I couldn't agree with you more. Hang in there. The new funds are coming. The Bill passed the House and is now back in the Senate for final approval of the minor changes.

    Make sure your lender is restructuring your loan for the 3.5% funding fee.

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  5. Any updates on this. This is my only hope as I too was approved by BoA and to be told they were out of funding. If you have any updates I would love to hear about them. Thanks!

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  6. I understand that the bill has been signed. It still has to be approved.

    I have no idea what that means. I have done my best to really follow this thing. It is illusive.

    I do know that USDA is now giving conditional comittments. If a lender has a C/C they have the option to close the loan.

    They do incure some risk in that if the loan defaults before they receive the Loan Note Guarantee, there is no "Guarantee"!!

    Some States have re-pooled their funds and are trying to close loans that were approved at the 2% origination fee. (these funds are from un-used funds from past years. ??) This is very complicated and you need to contact your local office. Or maybe the National office.

    You need to be pissed off! Your local USDA office is doing their very best. The problem is in the National USDA office and the House and the Senate.

    This is just my opinion! I'm probably in trouble now! What the heck. This is not rocket science.

    Good Luck.

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