Senate Banking Committee leaders are working on a flood insurance reform bill and committee chairman Richard Shelby, R-Ala., wants to mark up a bill before Memorial Day.Sen. Shelby is working with Sen. Paul Sarbanes, D-Md., and others to put together a bill, committee spokesman Andrew Gray said. Chairman Shelby has said he wants to fix the "bankrupt" federal flood insurance program and make it actuarially sound. However, Sen. Sarbanes has been urging moderation to ensure premiums remain affordable. In early April, the House Financial Services Committee approved by voice vote a flood insurance bill that would phase out over seven years subsidized premiums on vacation and second homes.
-
Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
1h ago -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
1h ago -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
1h ago -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
2h ago -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
4h ago -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
5h ago