The House Financial Services Committee will act on a long-term extension of the federal terrorism risk insurance program in April and a flood insurance reform bill in May, according to the committee chairman, Rep. Barney Frank, D-Mass.Rep. Frank told an insurance company forum he wants to expand the federal backstop to cover losses on group life and workers' compensation insurance that are due to a terrorist attack. He also said he wants a bill that covers nuclear and biological attacks and does not distinguish between international and domestic terrorism. The committee chairman said the bill to reform the National Flood Insurance Program will be similar to the bill the committee passed last year. That bill would penalize lenders that allow flood insurance to lapse on mortgaged properties in flood zones. It would also eliminate subsidized premiums on second homes and commercial properties. Premiums on those properties would be increased 15% a year until they reach the unsubsidized rate. "It will discourage people from building where they shouldn't build, and raises premiums on second homes," Rep. Frank said.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18