FHA Loan Ceiling Bill Passes: In an...

FHA Loan Ceiling Bill Passes: In an 84-6 vote, the Senate approved legislation raising to $124,875 the ceiling on home mortgages insured by the federal government in high-cost housing markets. The measure, part of a $67-billion spending bill, now goes to President Bush for approval. Currently, the ceiling on mortgages insured by the Federal Housing Administration is $101,250, an amount below the median price of homes in the District of Columbia and 18 states, including California.