In case the Terrorism Risk Insurance Act is not renewed this year, Fitch Ratings plans to look more closely at fusion deals, according to Fitch managing director Daniel Chambers, who was a panelist at the Commercial Mortgage Securities Association's annual convention in New York.Mr. Chambers said he believes there is less likelihood of force-placement of terrorism insurance coverage because some loan documents now have caps in place on the cost of insurance that has to be taken out. Stacey Berger, executive vice president of Midland Loan Services, is seeing more flexibility in loan documents. Although there will be "constraints on the availability of insurance," he said he expects the market to stabilize over time. "The question is, will the transition be relatively benign?" Mr. Berger noted. The litigation that servicers have been involved in since 9/11 relating to force-placement of terrorism insurance has clearly put them "in a better place," according to Mr. Berger. Tricia Hall, a senior vice president at Lehman Brothers, also agreed that loan documents are "dictating what to do" since 9/11.
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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.
July 3 -
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.
July 3 -
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.
July 3 -
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."
July 3