Senate Banking Committee Passes FHA Solvency Act

The ""Federal Housing Administration (FHA) Solvency Act of 2013"":http://www.banking.senate.gov/public/index.cfm?FuseAction=Files.View&FileStore_id=76ccb8b5-2cf3-4a3f-b40b-47f0b90aa957 (S. 1376) is headed to the Senate after receiving approval from the ""Committee on Banking, Housing, and Urban Affairs"":http://www.banking.senate.gov/public/index.cfm?FuseAction=Home.Home.

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The bill, unveiled by Chairman ""Tim Johnson"":http://www.johnson.senate.gov/public/ (D-South Dakota) and Ranking Member ""Mike Crapo"":http://www.crapo.senate.gov/ (R-Idaho) earlier in the month, includes a number of bipartisan proposals from the committee intended to strengthen the FHA's financial situation, protect taxpayers, and ensure qualified borrowers still have access to credit.

The bill passed by a vote of 21-1, according to a release from the committee's website.

""This was a bipartisan effort from start to finish,"" Johnson said. ""The reforms we approved today are the product of a lot of hard work from members on both sides of the aisle, and I appreciate the spirit of bipartisanship and open debate that my colleagues on the Committee demonstrated throughout the amendment process.""