SEC-703 -- ESCROW ACCOUNTS.


 Section 501(e) of the Housing Act of 1949 (42 U.S.C. 1471(e)) is
amended by inserting after the third sentence the following: "The
Secretary shall pay the same rate of interest on escrowed funds as is
required to be paid on escrowed funds held by other lenders in any State
where State law requires payment of interest on escrowed funds, subject
to appropriations to the extent that additional budget authority is
necessary to carry out this sentence.".