$300 billion FHA refi plan to be part of package

House to vote on FHA modernization, GSE reform next week

The House of Representatives is expected to vote next week on a package of bills including a $300 billion expansion of Federal Housing Administration loan guarantee programs and a $7,500 credit for first-time home buyers sought by home builders.

The package will also include measures sought by the Bush administration, including legislation updating FHA loan guarantee programs and stricter independent oversight of Fannie Mae and Freddie Mac, Rep. Barney Frank said.