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House approves billion to aid housing industry
The House approved a $1 billion emergency bill to lower mortgage interest rates for six months, aiming to help buyers with incomes within 30 percent of the area median. If passed by the Senate the program could cut rates by 4 to 6 points and fund 74,000 housing units while reviving 130,000 jobs.
MENTIONED IN THIS ARTICLE
Washington
House
Fernand J. St Germain
Senate
Les AuCoin
D-Ore
Robert H. Michel
R-Ill
Samuel Pierce
Housing and Urban Development
Lugar