The House has passed a 15-year extension of the federal government's terrorism insurance program that expands the lines of insurance that insurers will be required to offer their clients.The bill adds group life insurance to the lines of insurance for which terrorism coverage must be made available. It also expands insurance coverage for nuclear, biological, chemical, and radiological acts of terrorism. "This legislation is essential to the continued growth and development of American cities and to provide needed protections for those who work, live, and invest in downtown areas," said Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee. White House officials have indicated that the president will veto the bill. But many financial services and real estate groups, including the Mortgage Bankers Association, support the bill (H.R. 2761), which extends the Terrorism Risk Insurance Act. "We remain committed to working with the Congress and the administration on this very important legislation," MBA chairman-elect Kieran Quinn said.
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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.
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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.
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Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
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Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
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Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
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Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
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