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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House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
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A labor shortage is costing the market tens of thousands of new homes per year, and tariff uncertainty is adding thousands of dollars in expenses per unit.
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The pace of revenue growth slowed toward the end of 2024, with the trend continuing into the first three months of this year, NAHB reported.
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Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
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The 10 basis point decline in the 30-year fixed mortgage was the most since March and the first time rates are below 6.7% since April, Freddie Mac said.
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The firm, now going by Fairway Home Mortgage, said the change is a representation of plans to create a "connected ecosystem."
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