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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Pricey insurance, expensive maintenance, and struggles with financing are all weighing down the condo market, with Florida and Texas feeling it the most.
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The National Credit Union Administration, operating with just one board member, has liquidated two credit unions that were recently put into conservatorship. The failures are the first credit union failures since Democrats on the board were fired, leaving Republican Chair Kyle Hauptman.
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The new integration supports the upcoming Uniform Appraisal Dataset 3.6, which becomes available in September, with mandatory use 14 months later.
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The prime jumbo RMBS transaction is collateralized by 402 residential mortgage loans.
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The conviction of a fraud ring mastermind highlights growing risks in home equity lines of credit as equity-rich borrowers become prime targets.
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The Senate version makes permanent the mortgage interest and mortgage insurance premium reductions, removes the revenge tax but also cuts CFPB funding.
11h ago