The Federal Emergency Management Agency says it has received 149,000 claims on government flood insurance policies covering homes in the three states affected by Hurricane Katrina.A FEMA spokesman told MortgageWire that there are 270,000 flood insurance policies covering homes in the area. But many homes had no flood insurance, mortgage executives told MW. One mortgage insurance official said he learned from his research that "if a home is protected by a levee then it doesn't need a flood policy." Meanwhile, Federal Deposit Insurance Corp. Chairman Donald Powell said Monday that 95% of bank branches in the affected area are "up and running." He also said he does not anticipate any liquidity problems for banks operating in the area, including small community banks.
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House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
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A labor shortage is costing the market tens of thousands of new homes per year, and tariff uncertainty is adding thousands of dollars in expenses per unit.
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The pace of revenue growth slowed toward the end of 2024, with the trend continuing into the first three months of this year, NAHB reported.
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Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
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The 10 basis point decline in the 30-year fixed mortgage was the most since March and the first time rates are below 6.7% since April, Freddie Mac said.
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The firm, now going by Fairway Home Mortgage, said the change is a representation of plans to create a "connected ecosystem."
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