Ill. Lawmaker Encourages Vote On FHA Finances Bill

Law360, New York (September 10, 2012, 7:52 PM EDT) -- An Illinois lawmaker on Monday urged the U.S. House of Representatives to vote for a bill that would help shore up the finances of the Federal Housing Administration, which is facing a capital crunch thanks to increased foreclosures on the mortgages it insures.

Rep. Judy Biggert, R-Ill., said on the House floor that the FHA Emergency Fiscal Solvency Act includes "common-sense targeted changes that would ensure accountability and financial stability" within the agency.

The FHA, which insures more than $1 trillion worth of mortgages on more...
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