The House approved a reprieve for the FHA.
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The action sent to President Reagan emergency legislation reviving the Federal Housing Administration’s authority to insure home mortgages, which expired when the FHA reached its credit ceiling Tuesday. Under the bill, the Government National Mortgage Assn., known as Ginnie Mae, also will be able to resume insuring mortgage-backed securities. “My guess is we will be back in business on Monday,” said Silvio J. DeBartolomeis, the FHA’s acting administrator.
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