The House has nixed a 12-month extension of the National Flood Insurance Program favored by the Senate and approved a short-term extension in hopes of getting Congress to consider flood insurance reforms next year.On Nov. 21, the House took up the Senate bill (S. 1768), stripped out the 12-month extension, and inserted a three-month extension. The House is currently in recess and is expected to return in early December to approve an omnibus appropriations bill. It is now up to the Senate to accept the three-month extension or counter with an alternative -- possibly a six-month extension. The flood insurance program is due to expire Dec. 31. In seeking a short-term extension, the House wants the Senate to consider an NFIP bill (H.R. 253) that is designed to reduce the cost of repetitive flood insurance claims.
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House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
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A labor shortage is costing the market tens of thousands of new homes per year, and tariff uncertainty is adding thousands of dollars in expenses per unit.
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The pace of revenue growth slowed toward the end of 2024, with the trend continuing into the first three months of this year, NAHB reported.
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Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
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The 10 basis point decline in the 30-year fixed mortgage was the most since March and the first time rates are below 6.7% since April, Freddie Mac said.
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The firm, now going by Fairway Home Mortgage, said the change is a representation of plans to create a "connected ecosystem."
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