The Bush administration wants the Gulf Coast states to use $11.5 billion in Community Development Block Grant funds to help homeowners rebuild their homes that were damaged or destroyed in the hurricanes last fall."It is critically important to focus on those homeowners who lived outside the flood plain who did not have flood insurance," said Donald Powell, the president's coordinator for Gulf Coast rebuilding. Mr. Powell told reporters that state officials also could apply to the Department of Housing and Urban Development to use CDBG funds to assist homeowners located in the flood plains. But he insisted that the $11.5 billion is sufficient to help those homeowners who live outside the flood plain. Congress approved the $11.5 billion in CDBG funds in December, and HUD Secretary Alfonso Jackson and Mr. Powell announced Jan. 25 that the hurricane-affected states can apply for the grants now. Louisiana is slated to receive $6.21 billion in CDBG funds, Mississippi $5.06 billion, and Alabama, Florida, and Texas the remainder of the block grant funds. "HUD's highest priority is to move this money out of Washington and into the areas of greatest need," Secretary Jackson said.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
8h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
July 11 -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
July 11 -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11