President Bush has signed a bill that extends the flood insurance program for five years and avoids a shutdown of the National Flood Insurance Program.The Federal Emergency Management Agency's authority to issue flood insurance policies was due to expire after June 30. The bill (S. 2238) extends the flood insurance program for five years and creates a new $40 million pilot program that is designed to reduce the cost of insurance claims on properties that are repeatedly hit by floods. House Financial Services Committee Chairman Michael Oxley, R-Ohio, congratulated the original sponsors of the bill, Rep. Doug Bereuter, R-Neb., and Rep. Earl Blumenauer, D-Ore., for their efforts in fashioning the bill and for the bipartisan effort that led to its passage. "The reforms set out in this law fortify the original intent of the NPIF while preventing unacceptable expenses to the taxpayers," Rep. Oxley said.
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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 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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