|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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