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Capito Commends Adoption Of Rural Home Loan Amendment In Final Committee Bill

Statement

Date: April 22, 2010
Location: Washington, DC
Issues: Finance and Banking Agriculture and Food Housing and Property

Rep. Shelley Moore Capito, R-W.Va., made the following statement today upon Committee passage of H.R. 5017, To Ensure the Availability of Loan Guarantees for Rural Homeowners, which includes a significant amendment introduced by Capito:

"I'd like to thank Rep. Kanjorski for working with me on this important legislation. The USDA 502 loan guarantee program is an important homeownership tool for rural Americans, including my constituents in West Virginia, and it is currently on track to run out of commitment authority by the end of April. The program has guaranteed thousands of private loans to responsible low to moderate income families and has had a very low default rate.

"I'm pleased that my amendment, which will give the 502 program additional loan commitment authority and make important changes to the program, was adopted and the legislation was passed today. These changes will make this program self-sufficient without a significant additional burden on the borrower."


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