Congressman Richard Baker (R., La.) has announced 13 additional supporters of his bill, HR 3703, that would tighten regulation over the government-sponsored enterprises. However, Baker still does not have enough backers of the bill to move it out of committee and into the full House. Baker claims he can garner enough support to move it to the House this legislative session.
Canadian Home Income Plan (CHIP), the country's only issuer of reverse-equity mortgages, recently priced its initial public offering, which received strong investor interest. Nineteen investors participated in the $119 million transaction. The issue was backed by reverse mortgages and separated into two tranches: an $85 million five-year, fixed-rate tranche and a $34 million five-year floating-rate part. The second tranche was oversubscribed with orders running up to just over $100 million.