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The senior officer loan survey, which is released by the Fed every three months, asked both large U.S. banks and foreign banks about the effect the new ability-to-pay and qualified mortgage rules were having on approval rates for various types of home purchase loans.
The Federal Reserve Board on Wednesday continued to shrink its stimulus program by yet another $10 billion clip.
Lenders across the country reported increased demand from consumers and businesses, continuing a prevailing trend from earlier this year, according to the Fed’s Beige Book.
In a wide-ranging speech on Tuesday, new FHFA Director Mel Watt said he would not weigh in on the housing finance reform debate percolating in Congress, while also detailing what changes he plans to make at the agency, including encouraging more access to credit.
The Federal Reserve Board on Wednesday neared the halfway mark of unwinding its unprecedented bond buying program, reducing its purchases to $45 billion.
WASHINGTON -- The Federal Reserve Board on Wednesday took yet another step in unwinding its bond buying program, paring it to $55 billion. Despite signs that economic growth slowed this winter, policymakers agreed to continue to reduce the pace of its monthly purchases of mortgage and Treasury bonds following a two day Federal Open Market Committee meeting. …
The bill released by Sens. Tim Johnson and Mike Crapo would create a reinsurance fund to recoup losses on securities, establish a common securitization platform for the secondary mortgage market and open access to the secondary market for smaller lenders through a cooperative.
Consumers were less eager to seek new mortgage loans for home purchases in the first quarter, according to a Federal Reserve report.
While the budget was once again focused on other issues than financial services, it provided an update on the White House's priorities as well as a prediction that the FHA's fortunes will soon improve.
The Federal Housing Finance Agency told the government-sponsored enterprises to stop compensating mortgage servicers for expenses related to captive reinsurance arrangements.
Recovery in the housing market had also "slowed somewhat" in recent months and there was a continued drag caused by uncertainty tied to the future of U.S. fiscal policy.
Members of the Senate Banking Committee quickly took sides in the brewing battle over the nomination of Janet Yellen to head the Federal Reserve Board, but it was already apparent that she was ultimately likely to win confirmation.
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