U.S. Renews Mortgage Funding

President Reagan, halfway around the world, today signed emergency legislation extending the depleted authority of two government agencies that are major sources of home mortgage credit, the White House said.

The law enables the Federal Housing Administration, which hit its $57.4-billion credit ceiling on Tuesday, to again accept applications for government insured mortgages. The law also enables the Government National Mortgage Assn. (Ginnie Mae) to guarantee the prompt payment of new securities backed by government-insured mortgages.