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Major banking and housing industry trade groups have announced their support for H.R. 1776, the American Homeownership and Economic Opportunity Act. The House was scheduled to consider the legislation today.

"Our member institutions are committed to expanding housing opportunity availability and affordability with the active support of a progressive and entrepreneurial housing industry," the groups said in a letter to House Speaker J. Dennis Hastert (R-Ill.).

The letter was signed by America’s Community Bankers, the American Bankers Association, the Mortgage Bankers Association of America, the National Association of Home Builders and the National Association of Realtors.

The bill removes barriers to housing affordability and encourages homeownership through enhanced housing and mortgage insurance programs. The bill expands homeownership opportunities and enhances access to affordable housing for low- and moderate-income individuals.