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 Housing for the 21st Century Act includes provisions covering policy, manufactured homes and rural infrastructure introduced in a prior Senate proposal.
11h ago -
Mortgage loan officer licensing saw its first rise since 2022 as Fannie Mae projects $2.4T in 2026 volume. Experts eye a market reset amid improving affordability.
February 6 -
The FHFA chief told Fox an offering could be done near term - but may not be - while a Treasury official addressed conservatorship questions at an FSOC hearing.
February 6 -
The secondary market regulator will formally publish its own rule on Feb. 6, after a comment period and without making changes to what it proposed in July.
February 6 -
Bowing to industry pressure, the Consumer Financial Protection Bureau is warning consumers with notices on its complaint portal not to file disputes about inaccurate information on credit reports, among other changes.
February 5 -
The mortgage technology unit at Intercontinental Exchange posted a profit for the third straight quarter, even as lower minimums among renewals capped growth.
February 5




