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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The Community Home Lenders of America and the Community Associations Institute want the FHA to insure loans on condos approved by Fannie Mae and Freddie Mac.
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Most lenders said they had already priced in the widely-anticipated decision to cut short-term rates for 30-year home loans but other products will benefit.
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The deal for the Class A office building owner will be funded from Rithm's cash as well as liquidity on the balance sheets, plus possible co-investors.
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Mortgage applications saw a significant jump for the second consecutive week, as homeowners took advantage of plummeting rates, the MBA said.
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The government-sponsored enterprise is making changes to mortgage-backed securities and servicing disclosure files to support use of the advanced credit score.
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Underserved markets advocates also want to keep the 30-year mortgage and do more to expand rural and manufactured housing while preserving low cost homes.
8h ago