House, Senate Pass $1.5T Omnibus Bill (MBA Statement)

The Senate late Thursday passed a $1.5 trillion omnibus spending package to fund the federal government, narrowly averting another government shutdown.

On Wednesday, the House voted 361-69 to pass funding for national security priorities, and then 260-171, with one Democrat voting “present,” to adopt provisions largely related to domestic programs. The Senate voted 68-31 to approve the bill.

Mortgage Bankers Association President and CEO Bob Broeksmit, CMB, said the bill contains a number of MBA-supported provisions. In a statement, he commended the bill’s passage.

“MBA was especially pleased to see the requirement of HUD to report on efforts to resolve delays in the FHA multifamily pipeline funding, language supporting FHA IT modernization, the inclusion of the Adjustable Interest Rate (LIBOR) Act and the extension of the National Flood Insurance Program (NFIP),” Broeksmit said. “These provisions will help consumers, including low-to-moderate-income tenants and borrowers, participate in both the rental and homeownership experience.

President Biden is expected to sign the bill.