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The campaign of [Clinton]'s Republican rival, Bob Dole, derided the $200 savings as "chump change." The Dole campaign argued that this figure falls far shy of how much all homeowners could have saved -- through lower interest rates -- if the president had simply signed the Republican balanced budget proposal.

HUD Secretary Henry G. Cisneros bristled at the suggestion that there was anything political in yesterday's announcement. He noted that the administration's goal has been to lower the average sum paid during FHA closings from $4,400 to $3,400 and that yesterday's decision completes that process.

"I notice that the Dole spokespeople have already responded and called this `chump change,' " Cisneros said. "Well, it may be chump change to folks who work on exorbitant consultant fees or political salaries, but reducing the up-front costs of housing by $200, $1,000, is very significant to people in America."