Following the Senate's lead, the House has passed a seven-year extension of the Terrorism Risk Insurance Act, which is due to expire on Jan. 1.The House originally passed a 15-year extension of the federal government's terrorism insurance program that would have expanded federal backing to cover insurance for nuclear, biological, chemical, and radiological acts of terrorism. The Senate went with a simple seven-year extension with the blessing of the Bush administration, which caused a lot of friction. But House members reluctantly agreed to a compromise that allows for terrorism insurance to cover domestic acts of terrorism for the first time. The final bill also includes a study on insurance for nuclear, biological, chemical, and radiological acts of terrorism. "I am disappointed that the final TRIA bill omitted key elements of our stronger House legislation, but this is a solid compromise measure that will stabilize the market and ensure the ongoing availability of affordable terrorism insurance," said Rep. Carolyn Maloney, D-N.Y. President Bush is expected to sign the bill.
-
The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
8h ago -
In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
8h ago -
The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
April 18 -
The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
April 18 -
But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
April 18 -
The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18