NLBMDA News - Congress Works to Extend FHA Foreclosure Fund

Before the August recess, Congressional leaders are working to pass legislation boosting funds for the Federal Housing Administration (FHA), as well as the Federal Highway Trust Fund and unemployment fund. The bill would increase the FHA Mutual Mortgage Insurance Fund commitment limit from $315 to $400 billion. Without such action, the funds available for foreclosure mitigation could run dry in August, jeopardizing the few positive signs of life the housing industry is currently experiencing.