The Highway Trust Fund:  H.R. 3357 contains a $7 billion transfer from the general fund to the HTF.  According to the Administration, the Highway Trust Fund (HTF) will be exhausted about September 4, 2009, requiring an additional $5-$7 billion to keep the fund solvent through September 2009.  In the House, to address this shortfall, Chairman Oberstar is seeking a short-term bailout for the HTF making the highway fund solvent through the end of FY 2009.  The Administration supports, and the Senate is working on, an 18-month extension of the highway program, postponing a full highway bill reauthorization until after the mid-term elections.  The Senate bill would transfer $26.8 billion into the HTF from the general fund, for this extension.   

Unemployment Insurance Trust Fund:  H.R. 3357 includes an open stream of funding for the Unemployment Trust Funds providing "such sums as may be necessary" through the end of FY 2009. 

The Department of Labor anticipates these accounts will be depleted during August, 2009, requiring about $7.5 billion through the end of FY 2009.  The three federal accounts are to cover the cost of extended federal benefits, loans to insolvent States to cover the cost of weekly unemployment benefits without interruption, and the administrative costs of the unemployment program.  (The Labor, Health and Human Services Appropriation bill, which passed the House, July 24, 2009, also contained "such sums as may be necessary" language to finance these Trust Funds in FY 2010).

Federal Housing Administration (FHA) Mortgage Insurance:  H.R. 3357 increases FHA's Mortgage Insurance commitment authority by $85 billion.  The Department of Housing and Urban Development (HUD) anticipates that FHA will be required to suspend further federally-backed insurance activities when the Mutual Mortgage Insurance Program Account reaches its limit on commitment authority, anticipated to occur in August, 2009. 

The current commitment limitation of the account is $315 billion.  As of the end of June, commitments against this limitation were already at $256.4 billion, and it is projected to be exhausted in August.  FHA currently insures about 30 percent of all mortgages.  Without an increased commitment limitation, FHA would have to suspend such insurance on new loans, which could have an immediate and significant affect on the housing market.  Because CBO did not associate an earlier increase in FHA insurance authority with any credit subsidy amounts, it is presumed that this increase in the limit from $315 to $400 billion would not score as a cost although it would increase taxpayers' exposure by an additional $85 billion.

Ginnie Mae Commitment Limits:  H.R. 3357 raises the Government National Mortgage Association's (Ginnie Mae) commitment authority.  HUD estimates that it will reach its commitment authority in September 2009, prior to the end of FY 2009. 

Ginnie Mae securitizes 95 percent of FHA loans and about 60 percent of VA loans.  Because issuers typically maintain sufficient commitment authority for up to 90 days in advance, running out of commitment authority in September could affect the supply of credit for new mortgages through December 31, 2009.  During the past two years, lenders have significantly increased their volume of FHA and Ginnie Mae business.  In 2009, Ginnie Mae business was 26.2 percent of Wells Fargo's business volume, 35.3 percent of Bank of America's business volume, 21.1 percent of Chase Home Finance's business volume and 39.3 of GMAC's business volume.