Sen. Wayne Allard, R-Colo., has introduced a homestead bill that would give low-income Katrina victims title to vacant government land so they can build new homes."This legislation will help us begin to rebuild New Orleans and other areas destroyed by the hurricanes and flooding, providing a fresh start for families victimized by this tragedy," Sen. Allard said. The Bush administration supports the Allard bill, which would allow the Department of Housing and Urban Development to use foreclosed Federal Housing Administration properties for the new homesteading program. After removing the debris from the home sites, HUD and local governments would work with Habitat for Humanity, mortgage lenders, and other partners to help the homesteaders construct new homes. "President Bush and I believe that homesteading is an important part of a long-term recovery strategy for the Gulf Coast region," HUD Secretary Alphonso 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.
July 11 -
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