A bill to revive the FHA’s operations was delayed.
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Arcane budgetary and parliamentary rules delayed action on the bill by the Senate until next week. The Federal Housing Administration was forced to stop taking new applications for government-insured home mortgages after hitting its $74.4-billion credit ceiling. The agency, which provides insurance for low-down-payment mortgages at a current interest rate of 9.5%, has been shut down since June 5, when its statutory authority to operate expired for the sixth time in nine months.
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