Sen. Banking Leaders Reach Bipartisan Deal To Fund FHA

Law360, New York (July 11, 2013, 7:11 PM EDT) -- Senate Banking Committee leaders agreed Wednesday on legislation to help the beleaguered Federal Housing Administration back on the path to solvency after the agency was battered by a more than $16 billion shortfall because of foreclosures on mortgages it insured.

The committee’s chairman, Tim Johnson, D-S.D., and ranking member Mike Crapo, R-Idaho, said they had reached an agreement on a bipartisan measure to ease the FHA’s financial woes, according to a joint statement they issued Thursday. The lawmakers are still hammering out the final details of...
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