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 30-year fixed-rate mortgage rose five basis points from last week to 6.22%, while the 15-year rate increased nine basis points to 5.50%
15m ago -
UWM Holdings set a single-day record for rate locks in September at $4.8 billion, taking advantage of the window of opportunity leading up to the FOMC meeting.
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The Federal Reserve Board finalized changes to its supervisory rating framework, allowing large bank holding companies to be considered "well managed," even with one deficient rating.
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The company posted its best quarter for funded loan volume and shared other green shoots including greater margins on less reverse mortgage business.
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Industry professionals shared stories of homeowners looking to get out and investors pausing deals, while others cautioned a wait-and-see approach.
7h ago -
The Consumer Financial Protection Bureau is considering a proposal to reduce its oversight of auto finance lenders, saying the benefits of supervision may not justify the "increased compliance burdens."
7h ago





