BCSB Bankcorp Inc., Baltimore, is restructuring its balance sheet by selling part of its investment portfolio (including mortgage-backed securities) and paying off Federal Home Loan Bank advances.The company is selling $180 million of MBS and investment securities, which had an average yield of 3.51%. Most of the proceeds will be used to prepay $104 million in FHLBank advances, which have an average cost of 4.97%, the company said. The rest of the proceeds will be invested in FHLBank-Atlanta overnight deposits and will be used to fund certificate-of-deposit accounts that will close in the future. Baltimore County Savings Bank FSB is reducing the use of CDs as a funding source. The company also plans to sell $73.9 million of mutual funds and fixed-rate single-family mortgages that have an average yield of 5.11%. BCSB said it will use three-quarters of the proceeds to purchase investment securities with an expected yield of 5.55%, and use the rest to originate commercial mortgage loans. The holding company will take a $4.8 million after-tax charge to income in the current quarter as a result of the restructuring.
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House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
July 3 -
A labor shortage is costing the market tens of thousands of new homes per year, and tariff uncertainty is adding thousands of dollars in expenses per unit.
July 3 -
The pace of revenue growth slowed toward the end of 2024, with the trend continuing into the first three months of this year, NAHB reported.
July 3 -
Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
July 3 -
The 10 basis point decline in the 30-year fixed mortgage was the most since March and the first time rates are below 6.7% since April, Freddie Mac said.
July 3 -
The firm, now going by Fairway Home Mortgage, said the change is a representation of plans to create a "connected ecosystem."
July 3