Luxury Connect
Meet the Luxury Leaders | October 19-20 | Beverly Hills

There's a battle getting under way on Capitol Hill that could affect the ability of hundreds of thousands of first-time and moderate-income families to buy a home with a low down payment. It's a fight over the nearly 80-year mission of the Federal Housing Administration to support homebuying by people who are otherwise cut out by the conventional marketplace. Their credit doesn't quite make the grade; they don't have a lot of cash; and they can't jump through the underwriting hoops required by the big banks. On one side you have the major housing and mortgage lending lobbies -- NAR, the homebuilders and mortgage bankers -- who want to preserve the core purposes and essence of the Federal Housing Administration's home mortgage insurance program and strengthen it administratively. They see...