Despite a negative reaction from the White House, Louisiana Congressman Richard Baker won't give up on his plan to create a tax-free development corporation, much like the savings-and-loan bailout's Resolution Trust Corp., to finance and manage the rebuilding of New Orleans.In an interview with The Credit Union Journal, a sister publication to National Mortgage News, Rep. Baker said he is not deterred by the White House's opposition to an RTC-like entity and still believes his plan, which combines several funding proposals, is the best way to reconstruct the Crescent City. The Louisiana Republican, a senior member of the House Financial Services Committee, said he is working with state officials and representatives of Wall Street to reformulate his proposal to make it more acceptable to fellow lawmakers and the Bush administration.
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Pricey insurance, expensive maintenance, and struggles with financing are all weighing down the condo market, with Florida and Texas feeling it the most.
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The National Credit Union Administration, operating with just one board member, has liquidated two credit unions that were recently put into conservatorship. The failures are the first credit union failures since Democrats on the board were fired, leaving Republican Chair Kyle Hauptman.
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The new integration supports the upcoming Uniform Appraisal Dataset 3.6, which becomes available in September, with mandatory use 14 months later.
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The prime jumbo RMBS transaction is collateralized by 402 residential mortgage loans.
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The conviction of a fraud ring mastermind highlights growing risks in home equity lines of credit as equity-rich borrowers become prime targets.
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The Senate version makes permanent the mortgage interest and mortgage insurance premium reductions, removes the revenge tax but also cuts CFPB funding.
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