House, Senate Pass 2020 Appropriations Bill with Key MBA Priorities

The Senate yesterday afternoon passed a $1.4 trillion spending package that will fund the federal government through fiscal year 2020 and avoid another government shutdown.

The package (https://www.congress.gov/bill/116th-congress/house-bill/1865) accommodates 12 different appropriations bills, broken into two separate measures to alleviate a threat by President Trump to veto a single omnibus bill. The second measure covers funding for the Defense Department, Homeland Security, Financial Services, General Government, Commerce, Science and Justice Departments.

The bills passed the Senate by 71-23 and 81-11 votes, respectively. On Tuesday, the House approved both measures by 297-120 and 280-138 votes, respectively.

Mortgage Bankers Association President & CEO Robert Broeksmit, CMB, issued a statement following the Senate vote.

“MBA applauds the House and Senate for passing this bipartisan legislation, which will fund the government through FY 2020,” Broeksmit said. “We are pleased that several of MBA’s highest priorities are included within the package, including the reauthorization of the Terrorism Risk Insurance Act for seven years, another $20 million tranche for Federal Housing Administration technology upgrades, an extension of the National Flood Insurance Program through the end of FY 2020, and specific real-estate tax extenders targeted towards mortgage debt forgiveness and mortgage insurance premium deductibility, among other items.”

Broeksmit called on President Trump to sign the bills. “We will continue to work with policymakers to ensure these and other programs continue to serve borrowers and ensure healthy real estate markets. We look forward to President Trump signing this bill into law.”