Rep. Richard Baker, R-La., has joined his Louisiana Recovery Corp. bill with a special $10 billion Community Development Block Grant program that would help finance the rebuilding of houses and businesses in Gulf Coast states devastated by hurricanes Katrina and Rita.The LRC would focus mainly on Louisiana and authorize the special corporation to issue U.S. government-backed bonds to purchase property for redevelopment and relieve homeowners of their mortgage obligation. Owners would have the option to rebuild in their neighborhoods or completely walk away from properties. Rep. Baker argued during a House Financial Services Committee mark-up of a flood insurance bill that his LRC and CDBG proposals are a better solution to problems facing owners with severely damaged homes than an amendment by Rep. Mel Watt, D-N.C., which would allow homeowners to purchase retroactive flood insurance. The Watt amendment, based on a bill sponsored by Rep. Gene Taylor, D-Miss., was voted down by a 34-32 vote. Rep. Baker has circulated his proposals to the White House, the Treasury Department, and the Federal Emergency Management Agency, and he wants them included in a Katrina legislative package the House is scheduled to consider during the week of Dec. 5.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
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The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
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The top five producers had an average dollar volume of VA and USDA loans of more than $35 million in 2023.
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