The National Flood Insurance Program will need another infusion of cash by Feb. 10 to continue to pay claims related to hurricanes Katrina, Rita, and Wilma that are estimated to total $23 billion.The flood insurance program needs $5.6 billion to pay claims through Sept. 30, according to David Maurstad, who oversees the NFIP. Since the hurricane season, Congress has already provided $15 billion in additional borrowing authority. Mr. Maurstad also urged the Senate Banking Committee to consider structural reforms to the NFIP. These reforms should reduce the current subsidies of flood insurance premiums and increase homeowner participation. In addition, Congress should require mandatory purchase of flood insurance for the value of the home and for the life of the mortgage. He also said penalties for lender noncompliance should be increased. Senate Banking Committee Chairman Richard Shelby, R-Ala., said significant reforms are needed to make the "bankrupt" flood insurance program actuarially sound. "I certainly do not underestimate the difficult task that lies ahead," Sen. Shelby said.
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In an interview, Candor Technology's Sara Knochel recounts how she applies her childhood interest in languages and numbers to crucial home lending issues.
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Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
March 27 -
The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
March 27 -
The lender accused its former leader of compromising its Fannie Mae seller/servicer number to prevent it from delivering loans.
March 27 -
Equity is entitled to a little over $70,000 worth of damages.
March 27 -
Audited financials, proof of fidelity bonds and errors and omissions insurance must be provided on Ginnie Mae Central after May 13.
March 27