The Senate Banking Committee has approved a flood insurance reform bill that would phase out subsidized premiums for second homes, commercial properties, and properties that repeatedly suffer major flood damage.Senate Banking Committee Chairman Richard Shelby, R-Ala., had promised a tough bill to make the flood insurance program actuarially sound, and the committee approved the bill by a 20-0 vote. Without these reforms, "the federal government will assuredly find itself bailing out the program, and exposing the American taxpayer to never-ending losses," Sen. Shelby said at the mark-up of the bill. However, the Mortgage Bankers Association is raising concerns that the bill could have "unintended consequences, including increasing the cost of homeownership, increasing delinquencies and foreclosures, and reducing property values."
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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.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25 -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
April 25 -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
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.
April 25 -
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.
April 25