Housing: Half a Remedy

Congress came to the aid of the loan-starved housing industry last week with a $4.76 billion package of federal mortgage money. Responding to Administration urging and the lobbying of 700 home builders who flew into Washington five weeks ago, the legislators approved a. bill to funnel the funds into FHA and VA home loans through the Federal National Mortgage Association, a partly private, partly Government-owned corporation that is best known by its nickname, Fannie Mae. If all the money is used as intended, it should finance construction of about 320,000 homes, or nearly one-third of the housing industry's...

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