Ginnie Mae's commitment authority would rise 22% and FHA's ability to insure mortgages would swell by 40% for the rest of this fiscal year under legislation that cleared the House and now is before the Senate Banking Committee.

H.R. 2531, the Housing Programs Extension Act of 1992, in essence lets Ginnie Mae and FHA avoid running out of commitment authority before the fiscal year closes on Sept. 30. The bill pushes the Government National Mortgage Association's commitment authority to $107.7 billion from $88 billion and the Federal Housing Administration's mortgage insurance authority to $92.15 billion from $65.91 billion.

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