WASHINGTON, D.C. — Today, the U.S. Department of Homeland Security’s Federal Emergency Management Agency (FEMA) began a six-month process to develop revised flood maps for Washington, D.C., designed to help local officials and residents identify known flood risks, and assist in making insurance and development decisions. FEMA continues to update its flood hazard maps nationwide...
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PHILADELPHIA, PA — A significant new rule from the U.S. Environmental Protection Agency dealing with lead-safe work practices goes into effect on April 22, 2010. Anyone receiving compensation for renovating, repairing and painting work in residences built before 1978 that disturbs painted surfaces is subject to the new Renovation, Repair and Painting Rule (RRP)....
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Number of permanent modifications increases by 45 percent WASHINGTON, DC – The U.S. Department of the Treasury and the Department of Housing and Urban Development (HUD) today released February data for the Administration’s Home Affordable Modification Program (HAMP). As of the end of the month, more than one million borrowers were receiving a median savings...
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NEW RESIDENTIAL CONSTRUCTION IN FEBRUARY 2010 BUILDING PERMITS * Privately-owned housing units authorized by building permits in February were at a seasonally adjusted annual rate of 612,000. This is 1.6 percent (±1.0%) below the revised January rate of 622,000, but is 11.3 percent (±1.8%) above the February 2009 estimate of 550,000. * Single-family authorizations in February were...
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Madison, Wisconsin — The National Flood Insurance Program (NFIP) had its roots in the 1800s as the country recognized the federal government must play a leading role in controlling and responding to floods. Two previous chronological articles traced the evolution of a National Flood Insurance Program from its origins in a Supreme Court ruling of...
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* Did you know that you have to purchase flood insurance seperately from your homeowner’s insurance policy? * Did you know flood insurance only covers up to $250,000? * Did you know flood insurance does not cover anything in your basement? Partnership To Encourage Flood Safety As one of the snowiest winter seasons in many years yields to...
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BOSTON, MA – Dozens of local officials from 12 of the regions hit hardest by the housing crisis are meeting at Harvard University March 14 -16 to develop new strategies for stabilizing neighborhoods that experience large numbers of foreclosures. The Boot Camp will convene teams of government officials, nonprofits and real estate firms from...
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Washington, DC — U.S. policy toward natural catastrophe risk is largely reactive and a comprehensive, forward-looking national natural disaster policy is needed, the National Association of Realtors® said in testimony to two House panels today. Charles McMillan, immediate past president of NAR, told Congress that it must improve affordability of property insurance for natural disasters. “NAR,...
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McLean, VA – Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 4.97 percent with an average 0.7 point for the week ending March 4, 2010, down from last week when it averaged 5.05 percent. Last year at this time, the...
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Incentive Part of Ongoing Effort to Stabilize Neighborhoods WASHINGTON, DC — Fannie Mae (FNM/NYSE) announced today that people purchasing a Fannie Mae-owned HomePath® property will receive up to 3.5 percent of the final sales price to be used toward closing cost assistance or their choice of appliances. The offer is available to any owner-occupant who...
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Freddie Mac is a company that helps fund mortgages. From the start to finish, we ask the same questions: Do our credit policies and mortgage practices advance responsible lending? The principles drive our business. They also reflect the public mission in our congressional charter. And together, they have led Freddie Mac to take on a greater...
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WASHINGTON, DC — The Obama Administration released the next steps in the recently announced Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets (“HFA Hardest-Hit Fund”). On February 19, 2010, President Obama announced additional funding for innovative measures to help families in the states that have been hit the hardest by the aftermath...
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