The House Financial Services Committee has approved by voice vote a bill that would increase flood insurance premiums for purchasers of expensive homes that are located in flood zones and currently enjoy subsidized rates.The bill (H.R. 3959), sponsored by Rep. Scott Garrett, R-N.J., is aimed at phasing out subsidized premiums on newly purchased $600,000-plus beach homes so the subsidy is not passed on to buyers who know the property is located in a flood zone. The House has already passed the Flood Insurance Reform bill (H.R. 3121), which phases out subsidized premiums for commercial properties, vacation homes, and second homes built before 1974. House and Senate banking committee members are likely to consider the Garrett bill when they meet in conference to reconcile their respective flood bills.
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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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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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