Sen. Dodd Commits to FHA Reform

Senate Banking Committee chairman Chris Dodd, D-Conn., said he will try to pass a Federal Housing Administration reform bill before Congress breaks for its August recess.Sen. Dodd told reporters that he would try to get FHA reform done in the "next month or so." Congress has been looking for ways to address rising delinquencies and foreclosures on subprime loans and FHA reform would give many distressed borrowers an option to refinance into safer and more affordable government-insured mortgages. The House Financial Services Committee has passed an FHA reform bill and some observers expect the House of Representatives will pass it later this month.