The House has passed a bill by a 264-148 vote that would create a trust fund for the construction, rehabilitation, and preservation of 1.5 million affordable rental units over the next 10 years.The national housing trust fund would tap the government-sponsored enterprises -- Fannie Mae and Freddie Mac -- for the bulk of the trust funds. Surplus revenues from the Federal Housing Administration would also flow to the trust fund. House Financial Services Committee Chairman Barney Frank, D-Mass., estimates that the trust fund could distribute $800 million to $1 billion in affordable housing grants to states, local communities, and Indian reservations. "It has been 17 years since the federal government last enacted a major affordable housing production program, and I am pleased that this legislation will tackle the full range of housing crises, providing relief to overburdened renters and homeowners while targeting funds where the need is greatest," said Rep. Maxine Waters, D-Calif.
-
The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
5h ago -
Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
6h ago -
Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
6h ago -
The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
7h ago -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
7h ago -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
8h ago