The House Financial Services Committee has approved by a vote of 50-9 a bill to create a U.S. government agency to fund and oversee the rebuilding of New Orleans and other areas of Louisiana devastated by Hurricane Katrina.The Louisiana Recovery Corp. could buy up residential land and take over mortgages to facilitate redevelopment by private contractors. According to the sponsor of the bill (H.R. 4100), Rep. Richard Baker, R-La., the LRC could pay property owners a minimum of 60% of the homeowners' equity in the home, and the mortgage lender could receive a maximum of 60% of the unpaid principal on the mortgage. The homeowners could have an option to repurchase the property after development, but they would have to pay the market price. The LRC could issue U.S. government-guaranteed bonds and would be allowed to have up to $30 billion in outstanding financing at any one time. H.R. 4100 also directs $13 billion in community development block grant funds to help with redevelopment in the Gulf Coast states hit by hurricanes Katrina and Rita.
-
The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
March 28 -
Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
March 28 -
Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
March 28 -
The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
March 28 -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
March 28 -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28