The Senate Banking Committee has scheduled a mark-up of a flood insurance bill on March 31, and a vote on the nomination of Alphonso Jackson to be the new secretary of the Department of Housing and Urban Development.HUD's recent announcement that it has withdrawn its controversial Real Estate Settlement Procedures Act rule has apparently cleared the way for Mr. Jackson's confirmation by the Senate. Mr. Jackson has been the acting HUD secretary since former Secretary Mel Martinez resigned in December to run for the Senate. The committee also is expected to approve a five-year extension of the National Flood Insurance Program at the afternoon mark-up session. The Senate bill is expected to be similar to a House-passed measure that would increase insurance premiums on properties that are repeatedly hit by floods.

Subscribe Now

Authoritative analysis and perspective for every segment of the mortgage industry

30-Day Free Trial

Authoritative analysis and perspective for every segment of the mortgage industry