Democrat-sponsored legislation that provides for a 10-year extension of the Terrorism Risk Insurance Act is unacceptable to the Bush administration, a Treasury official has told a House committee."The administration believes that three elements are critical if TRIA is to be reauthorized for a second time: the program remains temporary and short-term; private sector retentions are increased; and there is no expansion of the program," Treasury Assistant Secretary David Nason testified before the House Financial Services Committee. Democrats on the committee recently introduced a 10-year extension of the government program, which acts as a federal backstop to shield private insurers from catastrophic losses in the event of a terrorist attack. The Democrats' bill (H.R. 2761) also expands TRIA to cover nuclear, biological, chemical, and radiological acts of terrorism. "H.R. 2761 does not meet our objectives," Mr. Nason said. "In Treasury's view, from a market and economic perspective, it would be better to have no TRIA than a bad TRIA."
-
The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
1h ago -
The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
1h ago -
But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
2h ago -
The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
4h ago -
The tool will provide helpful HELOC-related information to customer support staff to streamline the application process, Figure said Thursday.
6h ago -
The five states with the lowest property taxes have an average effective real-estate tax rate of 0.44%.
9h ago