The Senate Appropriations Committee has approved $5.2 billion in Community Development Block Grant funds, $1 billion more than the Bush administration requested, to support housing assistance programs in the hurricane-stricken areas of Louisiana, Mississippi, and Texas.If accepted by the House, the extra $1 billion would ensure that Louisiana receives $4.2 billion in CDBG funds requested by President Bush and that CDBG funds will be available to meet housing assistance needs in Mississippi and Texas. The committee's action will "allow us to fully fund our housing program and will enable our citizens to rebuild, repair, and relocate," Louisiana Gov. Kathleen Blanco said. The $106.5 billion supplemental appropriations bill, which includes funding for the Iraq war and hurricane recovery, also increases the president's $1.46 billion request for rebuilding levies by $628.7 million -- contingent on a formal request by the president for the additional funding.
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The California-based lender announced Wednesday the addition of One Goal Mortgage, a branch serving the Omaha, Nebraska, metro area and Southwest Iowa.
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Better is focusing on its U.S. mortgage unit, which reported higher-than-expected preliminary loan volumes and priced a stock offering.
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A new Basel III proposal offers mixed results for warehouse lending, with some risk-weight relief for banks but tougher terms that could crimp credit availability for nonbank mortgage lenders.
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Roughly a third of homeowners with a mortgage rate less than 6% would not give up their rate for any reason, according to a survey of 1,000 mortgage holders.
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In other news, Better Mortgage completed warehouse renewals and Wolters Kluwer provided a new form of access to its digital vault platform for secured parties.
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A United Wholesale Mortgage executive stepped in to defend a claim against the company, as consumers pelt the industry with more spam call complaints.
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