House Votes Funds for VA Mortgage Program

Associated Press

The House voted Wednesday to provide $709 million to the Veterans Administration to prevent its home mortgage subsidy program from running out of money next week. The bill was passed by voice vote and sent to the Senate.

The VA's Loan Guaranty Revolving Fund, depleted by a higher-than-expected number of foreclosures on its home mortgages, has been operating since last month on money borrowed from other accounts within the agency.

The bill approved Wednesday would replenish those other accounts and provide enough money to continue the housing program through the end of the fiscal year, Sept. 30.

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