They were in the process of or contemplating obtaining a jumbo reverse mortgage with a company who sold their product to Lehman... The only ray of sunlight in this cloudy scenario for senior homeowners is the recent passage of the Housing and Economic Recovery Act, H.R. 3221

Today, President Bush signed HR 3221 into law which has many significant effects on homeowners. The Bill, in its final form, covered a number of subjects that Congress had been trying to resolve from the modernization of FHA, to foreclosure assistance for homeowners, to the shoring up for Fannie Mae and Freddie Mac...