Rep. Richard Baker, R-La., is seeking Bush administration support for his Louisiana Recovery Corp. bill, and he wants to come to terms with the White House by Jan. 31 so that Congress can pass the bill in early February."Given the critical and timely nature of the problems facing Louisiana citizens, it is my hope to reach an agreement with the Administration by this date," Rep. Baker says in a letter to the president's Katrina coordinator, Donald Powell. The Baker bill (H.R. 4100), approved by the House Financial Services Committee on Dec. 15, would create a new federal agency to finance and oversee the rebuilding of New Orleans and other areas of Louisiana devastated by hurricanes. The LRC could purchase residential and commercial properties and assume mortgages on those properties of up to $500,000. Separately, White House Chief of Staff Andrew Card said the president is not going to forget the people in Mississippi and Louisiana as he finalizes his agenda for this year, even though the administration wants to stop the growth of government nonsecurity spending. In a speech to the Chamber of Commerce, Mr. Card said only half of the 90 million tons of debris created by Hurricane Katrina has been removed, and he indicated that the federal government will continue to assist in the cleanup.
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The latest government-sponsored enterprise changes include a more flexible sampling and a longer maximum term for some manufactured housing loans, respectively.
April 6 -
The product preserves borrower's first mortgage, and its potentially lower mortgage rate, without requiring the new monthly payments of a traditional HELOC, FOA says.
April 6 -
The White House's proposed 2027 budget would slash funding to the Community Development Financial Institutions Fund, the latest in an ongoing campaign from the Trump administration to dismantle the politically popular program.
April 6 -
Mortgage rates rising nearly 40 basis points from early-year lows have pushed some buyers out of the market, even as inventory and affordability remain better than a year ago, ICE Mortgage Technology found.
April 6 -
Lawsuits and probes are ramping up, and some courts have broadened the lending law's statute of limitations, said Bradley Partner Jonathan Kolodziej.
April 6 -
New jobs in health care largely drove the gains, while the federal workforce and finance continued to shrink.
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