(RECAP: Senate appropriators approved $13 million in new funding to update the Federal Housing Administration’s “outdated and unautomated” information technology systems, but rejected President Obama’s proposed way of paying for it. HUD has been seeking additional funding to modernize its own and FHA’s IT systems for several years.
But the Senate subcommittee again rejected the Obama administration’s proposal to pay for the update by levying a 4-basis-point fee on lenders. This fee would cost a lender $40 on a $100,000 loan.)
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