[20080915]RS22841_抵押收入债券：《2008年住房和经济复苏法案》第3021和3022节分析.pdf

1 For more information on tax-exempt bonds, see CRS Report RL30638, Tax-Exempt Bonds: ADescription of State and Local Government Debt, by Steven Maguire, and CRS Report RL31457,Private Activity Bonds: An Introduction, by Steven Maguire.Order Code RS22841Updated September 15, 2008Mortgage Revenue Bonds: Analysis ofSections 3021 and 3022 of the Housing andEconomic Recovery Act of 2008Mark P. KeightleyAnalyst in Public FinanceGovernment and Finance DivisionErika LunderLegislative AttorneyAmerican Law DivisionSummaryThe number of homeowners facing the risk of foreclosure is rising and estimatessuggest as many as 2.8 million borrowers may face the possible loss of their home overthe next five years. Mortgage lending rules and credit are tightening as current andpotential homeowners have fewer available financing choices. The Housing and Economic Recovery Act of 2008, P.L. 110-289, changes therules of the mortgage revenue bond (MRB) program to provide assistance tohomeowners. Previous tax law allowed MRB proceeds to be used for mortgages to“first-time” home buyers. P.L. 110-289 allows proceeds to be used by current homeowners to refinance certain loans, increases the amount of bond autho