The House has passed a multiyear flood insurance extension bill, clearing the measure for the president's signature with plenty of time to avoid a looming stoppage in the issuance of flood insurance policies on June 30.The Senate passed the bill (S. 2238) last week. The bill (S. 2238) extends the NFIP for five years and creates a new $40 million pilot program to reduce the cost of insurance claims on properties that are repeatedly hit by floods. "This bill would at last move the NFIP towards a more free-market insurance model by requiring people living in flood-prone areas to reduce their risk of flooding or pay higher premiums," said Rep. Doug Bereuter, R-Neb., who originated the concept of this flood mitigation program. Homeowners who refuse federal buyouts or other forms of assistance to shore up, elevate, or move their properties will see their flood insurance premiums increase dramatically. President Bush is expected to sign the bill.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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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.
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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.
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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.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
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