The Senate has passed a defense appropriations bill that includes $29 billion in hurricane disaster assistance for the Gulf Coast states.The disaster assistance package includes $11.5 billion in Community Development Block Grant funds that the states and local governments can use to rebuild communities and housing. The Defense Department bill now goes back to the House for final passage, which is expected before Congress adjourns for the holidays. The House also has to vote again on the $40 billion deficit reduction bill, which contains deposit insurance reform provisions. The Senate made minor changes to the deficit reduction bill before passing it Dec. 21. It is likely that final passage will be delayed until Congress returns in February.

Subscribe Now

Authoritative analysis and perspective for every segment of the mortgage industry

30-Day Free Trial

Authoritative analysis and perspective for every segment of the mortgage industry