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The Pennsylvania Superior Court has adopted a new paradigm for determining whether a policyholder can require its insurer to fund a settlement made without the insurer’s consent when the insurer has reserved the right to deny coverage.
This bill is working its way through the legislature.
As passed, the bill would wind down Fannie Mae and Freddie Mac within five years, replace them with a “public utility” to oversee the creation and maintenance of a single platform for the private sale of mortgages and end all federal guarantees. It also would reduce the mortgage insurance coverage provided by the Federal Housing Administration to only 50% of the mortgage being insured and re-target the FHA to serve first-time and low-income homebuyers.
What do you think the impact will be if this bill passes?