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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Elevated delinquency levels have not affected expected losses, however, due to home price appreciation, Fitch Ratings said.
4h ago -
Retail lenders, including Beeline, Tomo Mortgage and Rocket Mortgage, settled with the department over infractions like submitting a false certification to not having the proper liquidity to be in the program.
5h ago -
A pair of bills, one with bipartisan support, look to address the issues around heirs' property so these families can have clear title on their homes.
5h ago -
The agreement, in which the real estate giant admits no wrongdoing, will cover around 70,000 agents.
7h ago -
Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25