Is Foreclosure Bill Too Risky? Federal Housing Commissioner Brian Montgomery expressed concern over a bill to enable the Federal Housing Administration’s mortgage insurance program to finance $300 billion to help 2 million homeowners avoid foreclosure. "We are all trying to do the same thing ... but we want to make sure we are not doing it on the backs of the taxpayers," he said. The current plan "really throws the barn door open,” Montgomery said to the Boston MBA conference. Changes sought by lawmakers could mean taxpayers would ultimately assume financial responsibility for loans destined for default, he said. "There are a lot of loans out there that shouldn't have been made in the first place," he told reporters. Source: Reuters News, Al Yoon (05/06/2008) You can read more about NAR's efforts to urge Congress to increase conforming loan limits permanently.