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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Company leaders said current strategy sets it up to profit and compete against its rivals as the mortgage market improves in the coming months.
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The average price of a single-family home increased 1.7% from last year to $426,800 in the third quarter.
6h ago -
Federal Reserve Gov. Christopher Waller said there was a popular "misunderstanding" Thursday regarding who can qualify for a "skinny" master account, noting that only firms with a bank charter would qualify for approval.
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New guidelines should provide homeownership opportunities for certain consumer segments with thin credit files and open up product options, lenders said.
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Michael Barr said he believes artificial intelligence will have a positive long-term impact on the economy, though it may cause job losses in the short term.
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The 30-year fixed-rate mortgage rose five basis points from last week to 6.22%, while the 15-year rate increased nine basis points to 5.50%
November 6




