Insurance

Seven flood-prone Highland Park, Ill., homes adjacent to forks of the North Branch of the Chicago River could potentially be purchased, demolished and converted to open space under a voluntary flood buyout.

The House approved a five-year extension of the National Flood Insurance Program on Tuesday, but it remains unclear whether the Senate will seek to pursue its own bill. The program is due to expire Dec. 8.

Fannie Mae is allowing in some situations where mortgage payments are made by someone other than the borrower for the full monthly housing expense to be excluded from debt-to-income calculations.

The Canyon 2 wildfire has been contained for more than a week, but aftereffects from the 9,200-acre conflagration still are rippling throughout Orange County, Calif.

The bill includes $16 billion in debt forgiveness for the National Flood Insurance Program and could benefit financial institutions’ customers in areas impacted by recent hurricanes and wildfires.

Mortgage lenders are urging the thousands of displaced homeowners to reach out to them in the aftermath of the devastating wildfires so fire victims can begin the process of either rebuilding or moving on, leaving behind the home they once had.

Texas is receiving $58 million from the Community Development Block Grant disaster recovery program that HUD administers.

While the House disaster relief bill would provide $16 billion in debt relief for the National Flood Insurance Program, it does not include a Trump administration proposal to ban new construction in flood-prone areas.

While the scale of destruction and suffering caused by Hurricanes Harvey and Irma is staggering, history suggests the local economy and housing markets in the affected areas will bounce back relatively quickly.

Four neighborhoods hit hardest by Hurricane Harvey have limited resources and are in most need of federal, state and local assistance for property repair and rehabilitation costs.