Mississippi is planning to use lenders to distribute grants of up to $150,000 to borrowers whose homes were damaged or destroyed by flooding in Hurricane Katrina.The Gulf Coast state is very close to filing an application with the U.S. government for $5.1 billion in Community Development Block Grants funds, of which $4 billion will be used to assist homeowners who lived outside a flood plain and had homeowners' insurance. The Mississippi Development Authority will make out a joint check to the homeowner and his or her mortgage company, which would provide drafts for construction and repairs, according to MDA spokesman Scott Hamilton. The amount of the assistance checks will be based on the insured value of the home, the amount of the damage, or $150,000, whichever is lowest. Homeowners who don't want to rebuild are also eligible for assistance.
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According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks. Survey respondents expressed heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
2h ago -
Leaders of ORNL Federal Credit Union are piloting Zest AI's new artificial intelligence-powered assistant to ensure equitable underwriting practices and measure performance against similar institutions.
4h ago -
McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
4h ago -
The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
6h ago -
The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
7h ago -
The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18