The Senate has approved $3.5 billion for rental vouchers that could be used by an estimated 350,000 families displaced by Hurricane Katrina to pay for housing anywhere in the United States.There would be no income limits on the temporary housing voucher program administered by the Department of Housing and Urban Development. And it would cover rents of up to 150% of HUD's area payment standard for one year. Once a family member returns to work, they would contribute 30% of their income toward rental payments, as in the regular housing voucher program. "These temporary rental vouchers would quickly and efficiently move families into stable housing across the country in the communities to which they have been relocated," said Sen. Paul Sarbanes, D-Md., who sponsored the amendment. The Senate approved the Sarbanes amendment by unanimous vote and attached it to the Commerce/Justice appropriations bill. The House has not passed a similar provision. It is unclear whether the Bush administration will support the concept of temporary vouchers, but there is much concern about crowding too many families into temporary trailer parks. Meanwhile, HUD and the Federal Emergency Management Agency are using vacant public housing and federally subsidized apartments to house Katrina victims, as well as cruise ships.
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Noninterest income at the Minneapolis-based company jumped more than 10% during the third quarter, while asset quality improved and expenses held steady. "Our focus is very much on organic growth," said CEO Gunjan Kedia.
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Observers believe the government shutdown and lack of data is keeping mortgage rates in the same narrow range, as investors have issues reading the tea leaves.
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The Detroit-based mortgage bank's announcement trailed competitors' by over two weeks, but is taking a more aggressive risk-reward stance on the limit.
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Despite the decrease, average profit margins approached 50%, as the lock-in effect continues to stymie inventory growth and keep home values elevated.
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The head of the government-sponsored enterprises' oversight agency also asked existing investors to review risk factors as officials eye a new public offering.
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More than 4,000 federal workers received notices Friday that their last day will be Dec. 9.
October 15