House approves rule for mortgage finance legislation

The House on Wednesday afternoon approved a a rule for considering two bills that would eliminate federal mortgage aid programs.

The rule was approved by a 241-180 vote, and three Democrats voted with Republicans: Jason Altmire (Pa.), Jay Inslee (Wash.), and Heath Shuler (NC).

Vote on the rule allowed the House to proceed to consideration of H.R. 861, which would rescind $1 billion in funding for the Neighborhood Stabilization Program (NSP). The House will consider 10 amendments to that bill this afternoon.

The rule also allows consideration of H.R. 839, which would end the Home Affordable Modification Program. The House plans to take up that bill after next week's recess.