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Showing posts from June, 2015

New rules announced for flood insurance

Five federal regulatory agencies today announced the approval of a joint final rule that modifies regulations that apply to loans secured by properties located in special flood hazard areas. The final rule implements provisions of the Homeowner Flood Insurance Affordability Act of 2014 (HFIAA) relating to the escrowing of flood insurance payments and the exemption of certain detached structures from the mandatory flood insurance purchase requirement. The final rule also implements provisions in the Biggert-Waters Flood Insurance Reform Act of 2012 (the Biggert-Waters Act) relating to the force placement of flood insurance.

In accordance with HFIAA, the final rule requires regulated lending institutions to escrow flood insurance premiums and fees for loans secured by residential improved real estate or mobile homes that are made, increased, extended or renewed on or after January 1, 2016, unless the loan qualifies for a statutory exception. In addition, certain regulated lending insti…

Hochberg announces $73 million in financing for bridge project

Fred P. Hochberg, chairman and president of the Export-Import Bank of the United States (EXIM), announced this morning in New Castle, Delaware that the Bank will finance the sale of Acrow Corporation of America’s modular steel bridge components to the Road Development Agency in the Republic of Zambia. EXIM will guarantee a $73 million commercial loan to facilitate the export of 144 steel bridges. This action is expected to support approximately 200 jobs at Acrow’s manufacturing facility in Milton, Pennsylvania along with thousands more in Delaware, New Jersey, and several other states.

In pursuit of its congressional mandate to support the export of U.S.-made goods and services to the Sub-Saharan region, EXIM authorized more than $2 billion in financing to support such exports in 2014, the largest total in the Bank’s 81-year history.

"With this transaction, we’ve not only leveled the playing field for an American manufacturer in a highly competitive global market, but we’ve also …