For consumers, it does a couple of things:
The FHA will be allowed to insure up to $300 billion in new 30-year fixed-rate mortgages for at-risk borrowers in owner-occupied homes if their lenders agree to write down loan balances to 90% of the homes' current appraised value. (Helos distressed home owners)
1) Conforming loan limits increased permanently to $625,000 (great for California!)
2) The bill includes a tax refund for first-time home buyers worth up to 10% of a home's purchase price but no more than $7,500 (The refund, however, serves more as an interest-free loan, since it would have to be paid back over 15 years in equal installments. )
3) The bill eliminates a program that has allowed sellers to provide down payment assistance.
That's it in a nutshell....I have more analysis to do!