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FHA Funding Bill Passed

FHA Funding Bill PassedSenate approves H.R. 3357

August 3, 2009

By staff

Legislation increasing the Federal Housing Administration’s lending authority has been approved by both houses of Congress.

The U.S. Senate passed H.R. 3357, the Highway Trust Fund, on Thursday by a vote of 79 to 17. The bill was originally introduced into the House by Rep. Charles B. Rangel (D-N.Y.).

The House of Representatives already approved the legislation, which awaits President Barack Obama’s signature.

Included in the bill is another $400 billion in FHA mortgage insurance commitment authority. Existing FHA endorsement authority was on its way to running out this month.

H.R. 3357 also added $400 billion to Ginnie Mae’s mortgage-backed securities guarantee commitment authority.

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