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Taxpayers must pay the freight for over-budget train projects
Topic - Jeb Hensarling
The House approved legislation Tuesday night to roll back a recently enacted overhaul of the federal flood insurance program, after homeowners in flood-prone areas complained about sharp premium increases.
The effort to delay huge increases in insurance premiums for homeowners in flood-prone areas faces a skeptical House chairman who is largely standing behind the changes Congress oversaw in the nation's flood insurance program less than two years ago.
Hundreds of thousands of homeowners in coastal and flood-prone areas would win protection from sharply higher federal flood insurance premiums under legislation muscled through the Senate on Thursday after angry constituents inundated Capitol Hill with complaints.
Though many legislators may not realize it, Congress failed to include in the massive spending deal approved last week funds to implement reforms sought for years by both Democratic and Republican presidents that would give China, India, Brazil and other large emerging nations a greater say in activities of the International Monetary Fund.
Security experts tell Congress a large number of hacking attempts have been made at the Obamacare website, and some think it has been compromised. "Hackers are definitely after it," the House Science, Space and Technology Committee was told. "The website is either hacked already or will be soon."
Capitol Hill has been awash recently with various ways to reform Fannie Mae and Freddie Mac, the government-sponsored enterprises, or GSEs.
Fannie Mae and Freddie Mac, the housing giants whose combined $188 billion bailout dwarfed all others during the 2008 financial crisis, announced Thursday that they will return another $39 billion in dividends to the U.S. Treasury next month, bringing them close to fully repaying the taxpayers who rescued them.
Fannie Mae and Freddie Mac, the two mortgage finance giants whose financial woes required massive taxpayer bailouts in recent years, could be missing out on as much as $4.6 billion in payments from foreclosed mortgages in their portfolios, a federal investigator said.
The Federal Housing Administration may for the first time need a bailout from the U.S. Treasury as rising defaults on mortgages it insures have pushed its insurance reserves into deficit, according to a new report.
With most of Washington — and the nation — focused on Monday's mass shooting at Navy Yard, President Obama went ahead with a blistering political speech and offered a preview of bitter battles with Republicans this fall over the nation's debt ceiling and federal budget.
President Obama on Tuesday sought to prod along a rare bipartisan effort in Congress by throwing his weight behind a Senate bill that would eliminate mortgage giants Fannie Mae and Freddie Mac but maintain a government guarantee on high-quality 30-year mortgages so that the popular instruments do not disappear from the marketplace.
Nearly three years after Congress passed the most far-reaching new regulations on Wall Street since the Great Depression, worries have resurfaced that the biggest U.S. banks have only grown in size and remain bailout candidates because they are "too big to fail."
Democrats opposed a Republican-backed move to mount a real-time national debt clock during a House Financial Services Committee hearing on Tuesday, according to one media report.
With as little fanfare as possible, President Obama signed legislation Tuesday requiring him to reveal to Congress within the next 30 days exactly where he would slash defense and domestic spending under automatic budget cuts due to take effect in January.
Senators on Wednesday passed and sent to President Obama a bill that would force him to lay out exactly which federal programs he would cut if the automatic trims put in place by last year’s debt deal go into effect in January.
"That is the definition of unfair," he said.
The program uses a faulty model that understates flood risks, with the result that a single mother in Dallas who works at a grocery store subsidizes a millionaire's beachfront home, Hensarling said.